Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/803877
34 S C T / A P R I L 2 0 1 7 getting ahead of the nomenclature super-regional malls, but CEO Sandeep Mathrani now avoids the word "mall" and tends to call the firm's properties su- per-regional or regional centers. "We're going after communi- ty center tenants," Mathrani said at ICSC's Nexus Conference in January, noting that GGP has 11 supermarket deals under way. "There's been a mind shift: There are no more sectors." It is certainly true that traditional malls are welcom- ing all sorts of tenants better known for opening stores at other property types, says Sullivan. "We are seeing traditional tenants of power centers and grocery-anchored shopping cen- ters — whether that is Dick's Sporting Goods or Whole Foods — show up at the mall," Sullivan said. "Struggling malls are also looking for replacement tenants in places where they hav- en't looked before, like the strip center across the street." The widespread closure or repurposing of department store spaces is upending decades-old retail dynamics at many malls. Ron Wheeler, CEO of The Sembler Co., points to Sears Holdings' redevelopment strategy, executed through its rela- T he speed at which the retail real estate field keeps evolving has pressed more and more developers to ask a basic ques- tion about the projects they build: What do we call this thing? In theory, the answer could be as simple as referring to ICSC's U.S. Shopping Center Classification and Characteristics, which provides the formal definitions for power centers, neighborhood centers, region- al malls and other property types. In practice, however, ad- hering to such neat definitions could prove difficult, thanks to the increasingly hybrid nature of today's retail projects. "Changes are occurring in retailing and retail real estate at a very rapid pace," said Jim Sullivan, president of advisory and consulting at Green Street Advisors. "And so the distinct lines between those different categories are much blurrier than they've ever been." GGP is well known for its portfolio of regional and I N N O VAT I V E N E W P R O J E C T S C R O S S T H E B O U N D A R I E S O F T R A D I T I O N A L A S S E T- C L A S S D E F I N I T I O N S B Y J O E L G R O O V E R The Sembler Co.'s Perimeter Place, in Atlanta, features over 40 retail outlets, including a Super Target, as well as a high-rise apartment building