“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ . ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me walterunger@ccim.net
Here are some key points from the panel, which featured several mall REIT CEOs.
Mary Diduch | Oct 02, 2017
JLL hosted a Primetime Panel in New York City on Sept. 28 to discuss the challenges and future of the retail sector with several top-ranking industry executives. Speakers included Stephen Lebovitz, president and CEO of CBL& Associates Properties of Chattanooga, Tenn., Joe Coradino, chairman and CEO of PREIT, and Greg Maloney, president and CEO of JLL’s retail division. Here are some key points from the panel, which was moderated by James Cook, JLL’s director of retail research:
- Technology can help mall owners understand consumers better. Mall executives said they are increasingly relying on technology and social media to help them figure out their customers’ behavior, such as if they are willing to shop after a trip to the gym. Lebovitz said his firm is investing in technology to track these patterns, as there is increased collaboration with retailers to figure out how people like to shop. For example, CBL recently partnered with RetailNext, a camera system that analyzes traffic patterns to different stores and captures information about customers, such as how long they stay at a specific establishment. JLLalso has plans to partner with a company that utilizes geofencing technology—using the GPS system in a cellphone to track people anonymously—to track everything from where a customer goes within a mall to where they go after. “We cannot learn enough about our customers,” Maloney said.
- Alternative uses for excess mall space must be explored. Gyms, hotels, dental offices—everything is on the table in terms of possible tenants, the executives said. Lebovitz, for example, said CBL recently opened a Gold’s Gymat at a property in York, Pa. to absorb excess space. Coradino said adding non-traditional tenants, such as a Whole Foods supermarket or a fitness center, allows for opportunities for cross-shopping. While not every customer will keep shopping after a grocery-store trip, Coradino said the goal is to create a pattern of behavior. “It becomes their space,” he noted. To try to bring in unique retailers, CBL has found success in having temporary pop-up shops for local stores, which helps small businesses generate the foot traffic they’re looking for, according to Lebovitz.
- Be careful with restaurant selection. The executives said adding food options to malls helps bring more people to their properties. But in response to a reporter’s question about the possibility of adding too many chain restaurants—and potentially replicating a harmful, cookie-cutter effect—they acknowledged the importance of researching which restaurants match their consumers’ demands. Coradino said PREIT has added about 25 restaurants to its seven properties over the past couple of years and saw one fail. “We spend a lot of time looking at the restaurant mix, particularly in Philadelphia and D.C., because the competition is intense,” he said. Lebovitz noted that major chain restaurants—such as the Olive Garden—tend to perform best in terms of sales, compared to smaller, local restaurants that could provide a unique draw for the property. CBL will work with regional restaurants that have a good track record to prove they have some staying power, he noted.
- Co-tenancy clauses are “archaic.” Lebovitz said CBL is re-negotiating co-tenancy language in leases with its major tenants, as they previously were written around particular department stores that may have since been replaced. “It’s so archaic that it doesn’t make sense in today’s world at all,” he said. A lot of the negotiations depend on a retailer’s sales and the effect of other uses—like fitness centers—on foot traffic, Lebovitz said.
- In-store shopping remains strong. Countering the myth that brick-and-mortar stores will be obsolete in the near future given the rise of e-commerce, the executives agreed that while there are challenges, there are also opportunities for creative problem-solving and growth. Coradino said there is still demand for retail. Maloney said everyone from baby boomers to their children grew up with shopping centers, and most purchases are done in stores—the change is that consumers expect faster turnover today. Still, physical stores aren’t going anywhere any time soon. “You’re stuck with us,” Lebovitz said. Coradino also noted that department stores are not irrelevant, but Maloney added that, in general, U.S. malls have too much department store space and that it needs to be reduced. SEE IT ALL: http://www.nreionline.com/retail/five-takeaways-jll-s-primetime-panel-retail?NL=NREI-21&Issue=NREI-21_20171002_NREI-21_641&sfvc4enews=42&cl=article_1_b&utm_rid=CPG09000005957475&utm_campaign=10961&utm_medium=email&elq2=5a88d5ef562542b392ed2fb1bccfcce0
ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me walterunger@ccim.net
FROM ME:
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
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Timeline of Arizona from 900 BC – 2017
ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me walterunger@ccim.net
Apartments: Construction, Planned, Prospective
Interactive Map :: 10+ Unit Apartments For Sale Greater Phoenix AZ
WEEKLY APARTMENT CLOSING UPDATE THROUGH September 22, 2017 / Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH September 15, 2017 / Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH September 8, 2017 / Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH September 1, 2017 / Phoenix Arizona Metro.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION
ARIZONA FACTS – YEAR 1848 TO 2013
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
PHOENIX PROJECTED AS NUMBER ONE US HOUSING MARKET FOR 2017
LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17
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2016 Official Arizona Visitors Guide
Timeline of Phoenix, Arizona history
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
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Walter Unger CCIM
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