On the Level: Shoppers Want More From Their Retail Environments
Photo: The Cordish Companies and the City of Norfolk (Virginia) broke ground recently on Waterside District, a redevelopment of the waterfront.
In today’s ever-changing, fast-paced world with almost everything you want at your fingertips, retail real estate developers must figure out a way to stay relevant and thrive.
Time-starved consumers are looking for places to shop that offer unique atmospheres, exceptional customer service, and high accessibility. They want the convenience of being able to grab multiple items on their shopping lists, complete their to-do lists, enjoy a nice meal and relax in one location rather than traveling from place to place.
Convincing busy shoppers to spend more time at a shopping center is a challenge, but real estate developers seem up for it. In the past few weeks, I’ve received a number of press announcements by multiple developers announcing mixed-use projects. The projects range in size and location but the fundamentals all remain the same, which is incorporating retail, restaurants, entertainment, non-retail uses like office, residential, hotels and outdoor spaces. Could this be the next generation of retail environments that represents the future of our industry?
I have to believe it is, as it’s in line with how I decide where I’m going to spend my valuable time. I’m looking for an atmosphere that offers more than just a traditional retail shopping environment. One that is enjoyable to walk around, has a fun atmosphere and variety of options that makes me want to experience everything and, of course, to go back again.
Last week I attended the ground breaking for Waterside District, located in Norfolk, Virginia. The Cordish Companies and the City of Norfolk formed a public-private partnership in October 2013 to redevelop the waterfront. Listening to the Norfolk mayor Paul D. Fraim speak, I was interested a statement he made that retail environments must continue to keep up with the times. “Waterside was conceived in 1980 and was known to be a pioneering development,” he said. “It opened in June of 1983 and served the city well for 30 years and now she must reinvent herself to meet the needs of a vibrant, active, growing downtown.”
Waterside once redeveloped will be renamed Waterside District. The iconic building will be preserved as part of the renovation and will be home to the multiple components of the project: retail, anchored by the Marketplace and Live! Brand. The marketplace will be over 30,000 sq. ft. and include between seven and nine individual concepts to dine in or pick-up a few items from the market area. There will also be a live performance stage, craft brewery and rooftop deck, which will be open about 10 months of the year. To retain the authenticity and view, the rooftop deck won’t be covered.
And, to go along with the theory that people want outdoor experiences at these projects, Waterside District will create an area aiming to become “a living room for the city,” said David Cordish, chairman and CEO, The Cordish Cos. The area is made for people to gather together to view national events on large LED screens.
As real estate developers continue to look for ways for retail properties to stay relevant, I look forward to seeing what the future holds and to experiencing it. Want to hear about more mixed-use projects? Chain Store Age’s October issue will feature a special section on mixed-use developments.