New Life to Retail Leasing

The shopping center industry is undergoing a renaissance, and nowhere is its newfound vibrancy more evident than in the anchor store.


"As always, location is an operative factor in leasing anchors in open-air markets, but increasingly anchor leasing is also a function of the center's format.


Whether it is a lifestyle center, a town center, or a mixed-use venue, however, any center will benefit from a crossover anchor store such as Target that has successfully courted customers from all income brackets.
SuperTarget's new grocery offering rounds out the retailer's appeal for any developer, while still leaving room for a gourmet grocer such as Trader Joe's or Whole Foods.


Other large retailers that cater more to men are seeing their stock rise, such as Dick's and Bass Pro Outdoor Shops. Old-line anchors such as Macy's and JCPenny have altered their format, but are still viable anchors for any center.


Retailers are increasingly viewing markets as either underserved or growth markets, with the main differentiators being growth rate and proximity to shopping in the town center format. Mixed-use spaces are clearly the format of the future, as condos are being built at the hub of commercial spaces. At the mixed-use Village at Gulfstream Park, serving both Miami and Ft. Lauderdale, condos, houses, and retail will all center around the Gulfstream Park racing track, inviting the possibility of the sporting venue as anchor.


Despite all the changes in shopping-center leasing, it is still incumbent on developers to promote their centers and assure the success of new formats when courting anchor stores."
from Retail Traffic, May 2006 for more informationsee: www.houstonrealtyadvisors.net
or call Ed Ayres at 713 782-2060