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Retail, Commercial & Office
“This research examines office parking at a series of case study sites in suburban Southern California, identifying its impact on travel behavior, development density, development cost, and urban design.”
“Using the number of square feet leased in similar center types, data shows a cyclic shift from more traditional tenants – such as apparel – to necessity-based and experiential tenants.”
Many developers are trying to keep their malls relevant as traditional big-box retailers announce store closures. This articles highlights five examples of malls around the U.S. that have plans to reinvent themselves as mixed use and experiential destinations.
Many traditional malls have come up with creative ways to transform themselves to stay relevant in the 21st century and maintain sources of revenue as store closures rise. The typical malls with large atriums, department stores, food courts, and parking lots are finding new uses for these spaces including fitness centers, apartments, event spaces, markets, and mini theme parks.
2019 saw a record number of retail store closings, however the actual retail square footage was not proportionally impacted. This emerging trend is due to smaller tenants opening more stores and retailers shedding space in order to improve sales productivity.
The impacts of e-commerce and changing consumer behaviors have caused brick and mortar retailers to shift their business models and reduce store square footage.
Traditionally massive big box store retailers like Target and Dollar General are opening smaller versions of their stores in urban areas and college campuses to bring in new customers that were previously too far away from their bigger suburban stores.
A smaller, “planning studio” style Ikea store is opening in Manhattan. This downtown NYC version acts solely as a showroom, without the warehouse of build-it-yourself products.
Credit Suisse predicts that as many as 25% of U.S. malls will close by 2022 due to the rise of e-commerce, discount chains, retail bankruptcies and store closings.
This article provides a complete list of all stores planning to close in 2019.