Centennial的动态

Washington Prime Group Inc.'s CEO, Christopher Conlon, spoke during the University of Cincinnati Real Estate Center 's May Roundtable this morning. Here are some notes: ? Trending / "Hot" retailers in their portfolio include Scheels and Market by Macy's ? "Pioneers" in their older malls who often change the direction of the asset include Warby Parker, lululemon, SEPHORA, Shake Shack, Buck Mason, Faherty Brand, and Nike. Often push for termination rights and start with % rent. Still demanding marketing $ and co-tenancy ? Demolished 130 Million SF and only added 4 Million SF in the last 2 years. Highlighting the fact that open-air and enclosed mall owners are preferring to repurpose space over new construction ? Challenges Ahead: Overall health of the consumer is a concern. While there is a strong employment rate, higher rates and credit card defaults are straining the lower socio-economic groups Well attended overall! #retail #realestate #cre #Colliers #CincyRetail

"By?Kate King Aug. 6, 2024 9:00 pm?ET The owners of the shopping center at Legacy West considered adding a department store to attract visitors and luxury retailers to their mixed-use project in #Plano, #Texas. Instead,?Prism Places, Inc.?and its partners opted for a lavish food hall. The food hall opened in 2017 with more than two dozen #restaurants and #bars, live music and a brewery. Within a couple of years, it was drawing 30,000 visitors a week and a Louis Vuitton shop moved in across from the main entrance. Tiffany & Co., Gucci and other luxury brands followed, with some pulling out of the nearby mall’s?Neiman Marcus Group?to open at Legacy West. “We said, ‘Instead of going after a department store, let’s do something that’s more fun and more interesting and that will drive a lot of traffic,’” said?Mark Masinter, a partner on the project who handles leasing and tenant curation. #Department stores are bleeding customers, and landlords no longer view them as magnets for shoppers. Discounters are underpricing them. Specialty stores are outmaneuvering them. And luxury brands are sometimes bypassing department stores to open their own shops.? The surviving operators are making big moves in hopes of turning things around. Saks Fifth Avenue’s parent company?is buying rival Neiman Marcus.?Nordstrom?executives are exploring?taking the company private.?Macy's?new chief executive is closing stores while trying to?improve the shopping experience?at its leaner fleet.? But department stores’ long-term decline will be difficult to reverse. Their sales peaked just before the turn of the century and have been on a downward trajectory ever since, according to U.S. census data...." The Wall Street Journal

More than 50% of malls still have legacy anchors that no longer draw the same level of traffic as they once did. These anchors were highly effective during the Industrial Revolution era, but they can no longer meet the needs of modern consumers who demand experiences, convenience, and flexibility. To remain relevant, mall spaces must engage communities and offer what consumers want. For example, converting malls into lifestyle centers with restaurants, daycares, dog care facilities, parks, gyms, and other engaging features would make them more appealing to visitors. Many mall retailers lack differentiation and primarily use their spaces as distribution points, effectively competing with Amazon. However, shopping needs to be fun, unique, personalized, and enjoyable. Most people are no longer excited to visit stores like Macy's or J.C. Penney.

A new generation of customers expect more from the places they shop and those experiences are not happening in the department store. When considering this for Legacy West alongside our partners at Open Realty Advisors, we knew we had to do something that's more fun and more interesting, resulting in a 20 stall Legacy Food Hall across from luxury tenants like Louis Vuitton, Tiffany & Co., and Gucci. Hear more about this shift in retail from Stenn Parton and Mark Masinter in the latest The Wall Street Journal article by Kate King. https://lnkd.in/gmnZ__Zg #retail #realestate #luxury #leasing

?? Who will win this race? Interesting article in Retail Dive contrasting Macy's and J.C. Penney's different real estate strategies. These two incredible brands cater to two very different markets yet they've occupied anchor positions in the same malls for decades. ?? Macy's has been famously demalling, opening smaller format stores while closing full-line stores that don’t make the cut. ?? JCPenney, which has its origins going back to 1902—yep, over 122 years ago—has been a true survivor of wars, recessions, and a pandemic. The historic retail company is sticking to its mall strategy. Not a surprise since it is owned by two major mall REITs, Simon Property Group and Brookfield Properties. Which of these two iconic brands will prevail? Or, is each pursuing the right real estate strategy for their market? Let me know in the comments below! ?? Read the full story here https://bit.ly/3QW5yfi #TSCG #CREtail #RetailStores #CRE #Retail

This weeks win is Hexed showcasing in the 'Keep it Local Pop up Department store' that has opened its doors in The Potteries Centre , Hanley and is open until Christmas - check it out if you are local ( in the old Next retail unit) . What a wonderful concept of bringing together small creatives and independent brands in a fun and engaging environment, this is just what the high Street needs!. Not Mike Ashley buying up every brand and Department store offering the same old , same old and lining his ever big bulging pockets. If it's one thing you do this weekend pop into your local high Street and make a beeline for an independent shop . They need us , and we need them. ( Use them or Lose them as the saying goes). As e-commerce continues to rise, physical retail needs to evolve, not disappear. Successful stores are no longer just selling products -they're creating experiences, engaging in their customers and building communities. It's about meaningful interactions, not transactions Now more than ever we should champion small independent brands that bring uniqueness and personal touch to the table. These brands tell stories, innovate and connect with customers on a deeper level. It's up to us to us all to embrace a future where retail is about experience, authenticity and at the same time create a sustainable highstreet . #customerexperience #retailrevolution #supportsmallbrands #positiveretail

It’s interesting to see the resurgence of legacy brands like Toys R Us and Bed Bath & Beyond making a strategic comeback into brick-and-mortar retail. Toys R Us recently opened new standalone stores in Chicago and Austin, aiming for a physical presence that complements its store-in-store model within Macy’s. Meanwhile, Bed Bath & Beyond’s new ownership is investing in smaller-format stores through partnerships with Kirkland’s and The Container Store, signaling that even online-driven brands recognize the unique value of physical retail. For brokers and investors, this comeback offers two takeaways: 1?? Demand for Smaller Formats: As brands right-size their physical footprints, demand is shifting toward smaller, more flexible retail spaces in high-traffic areas. 2?? Resiliency of Brick-and-Mortar: Even in a digital world, the need for in-store experiences is clear. Legacy brands are using these formats not only for sales but to build brand loyalty and enhance consumer trust. In a retail investment climate that’s constantly evolving, are you seeing these trends play out with other legacy brands, or do you think this is unique to a select few? #RetailRevival #BrickAndMortar #CREInsights #RetailInvestment

Macy's might close its big store in San Francisco's Union Square. This could happen in 2025 or later as part of their plan to shut down some stores that aren't doing so great. They want to focus on making the stores they keep even better and opening smaller ones. Macy's has been trying to keep up with shoppers who want different things now and areas where it's tough for stores to do well. They're planning to close about 150 stores by 2026, but they'll keep about 350 open and make them nicer. In the real estate biz, we often see similar challenges and changes. At Cudd Realty, we're all about helping small businesses and our community in North Texas. When big retail stores like Macy's change their plans, it can make new opportunities for local businesses and real estate. That's where we can help figure out what's best for everyone. Thinking about how changes in the retail world could open up new real estate chances? Wanting to get the inside scoop on how it might impact your plans? Reach out and let's have a conversation about what's happening and where you could fit in. Call or text me, Michael Cudd, at 940-595-0138. Let's turn change into an opportunity together. #CuddRealty #NorthTexasRealEstateNews #RetailChanges #CommunityGrowth #RealEstateOpportunities

Macy's has unveiled a "Bold New Chapter" with strategic plans aimed at focusing resources and accelerating growth in key areas. To achieve this, #Macys intends to close about 150 underperforming locations, including approximately 50 by the end of the fiscal year. The company will prioritize investment in approximately 350 go-forward locations and the ongoing expansion of small-format stores. Moreover, Macy's aims to seize opportunities for growth in the luxury segment, particularly through its brands Bloomingdale's and Bluemercury. Leveraging its strong position in the luxury market, Macy’s, Inc. plans to expand its store fleet and digital presence. As part of this strategy, around 15 Bloomingdale’s stores and at least 30 new Bluemercury stores will be opened, along with approximately 30 Bluemercury remodels, across new and existing markets over the next three years. #RetailNews #RetailTrends #Bluemercury #Bloomingdales #StoreOpening #Retail #OpeningsandClosings #Rebrand #PressRelease #NewChapter