REAL ESTATE

Dick’s Sporting Goods to open at another CBL property
CBL is getting ready to open its 28th Dick’s Sporting Goods store, this one at Richland Mall in Waco, Texas. “This new store will drive significant traffic to the center and illustrates our ongoing commitment to enhancing the tenant mix at the property,” said CBL CEO Stephen Lebovitz. Other new arrivals at Richland include H&M, PINK, and White Barn. Bath & Body Works and Victoria’s Secret recently completed remodels. Dick’s is set to open in spring 2018.
Will sales clauses in leases soon become obsolete?
The retail landscape today looks different than it did just a few years ago. Brick-and-mortar retail is becoming more diverse. Brands are embracing different operational models and integrating more closely with online and mobile channels. Retailers like Bonobos, Warby Parker and Restoration Hardware are using physical locations purely as showrooms, a new trend that appears to be gaining significant traction.

SoCal center sells for $20.7 million

A limited partnership has purchased the 110,359-sq.-ft. Southridge Plaza in Fontana, California for $20.7 million. Anchored by a Rio Ranch Market, the necessity-based center is strong among Hispanic consumers in this town just east of San Bernardino. Other tenants include Rite Aid, AutoZone, McDonald’s, Subway, Waba Grill, and Cricket Wireless.
Lake Nona invests in tech for connected retail experience

Tavisock Development is partnering with a Google company on technology it says will “reimagine” the retail and entertainment experience at its Lake Nona Town Center in Orlando.
The top drivers of consumer loyalty are...

When it comes to being loyal to a retailer or brand, the majority of U.S. consumers are swayed by their pocketbooks. Nine out of 10 (92%) loyal customers rank price and value as the top factor in driving loyalty to specific retailers, followed by product/quality (79%) and variety/selection (71%), according to the International Council of Shopping Centers’ survey on brand loyalty.
Harnessing the Power of Pop-Up Shops

Pop-up stores are a retail trend that shows no sign of slowing down. The ability to create a brick-and-mortar presence without many of the hassles that come with establishing and maintaining a permanent physical location has become an increasingly attractive option in recent years. The pop-up store concept has transformed into an estimated $50 billion industry — fostering new partnerships, experiential marketing opportunities and a unique way for retail brands to engage with their customers.
Supermarket space declines in Chicago

Grocery is one of the fastest-growing segments of retail — just not in Chicago. Over the past two years, 25 supermarket shut their doors in Chicagoland. Sixteen new ones opened, but they were smaller than the ones that closed, making for what Mid-America Real Estate calls an “alarming” loss of 544,512 sq. ft. of inventory.
New centers hold higher costs for tenants

As 20th Century malls give way to 21st Century mixed use centers, retail tenants need to arm themselves against giving away too much away during lease negotiations. That’s the caution of National Retail Tenants Association director Paul Kinney, who strongly advises retailers to consider both long and the short-term implications of the leases they sign.
Post-Macy’s, Irvine Spectrum rebuilds

Irvine Retail Properties’ flagship shopping destination, The Irvine Spectrum Center, has demolished the 140,000-sq.-ft. Macy’s that opened there in 2002 and is erecting a new building in its place to accommodate up to 20 shops, according to a report in the Orange County Register.
Mall of America turns 25

It was 25 years ago today the Ghermezian family taught American shoppers to play. The Ghermezians and their Triple Five development company had already set a new standard for enclosed shopping centers with their West Edmonton Mall. But on August 11, 1992, on the former site of Metropolitan Stadium in Bloomington, Minnesota, they and managing agent Simon created a whole new ball game.