Shopping Centers Today

OCT 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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IT'S TIME TO GET BOLD With a RE/MAX Commercial Practitioner, you gain not only the services of a seasoned local specialist, but those of a global real estate powerhouse. This means you'll receive comprehensive, one-on-one service, plus the international prowess and market credibility you need to achieve your specific goals. With RE/MAX, you can go bold—confidently. More Training. More Resources. More Focus. That's the Sign of a RE/MAX Agent® © 2018 RE/MAX, LLC. Each o‡ce independently owned and operated. 18_266161 BROKERAGE MULTI-FAMILY RETAIL LAND OFFICE INDUSTRIAL HOSPITALITY FARM & RANCH S T O R E F R O N T S Kavian, who recently brokered a deal for an independent vape shop at the mixed-use Arroyo Plaza, in Lancaster, Calif., says she initially approached the opportunity with some skepticism. Her client, a fami- ly member, was concerned about the potential impact on surrounding tenants. "They were worried: Are they going to have the scent perme- ating other stores and be negatively impacted by clientele that might be attracted by vaping?" she said. "They have been in there for a year, and no one's been bothered. It has been only positive." Vape shops offer an attractive solu- tion for B- and C-level centers that need to fill vacancies, Kavian says. "It is a destination tenant," she said. "They bring [new] traffic to a center, rather than feeding off existing traffic. Consequently, they don't need to pay a premium for a prime retail location. They can afford to go into secondary and tertiary locations." Their hours may also be a plus for some centers, she suggests. "They stay open later than a regular retail or office user." Small and midsize shopping centers are best for vape shops, Bour says. "Bars and restaurants are a plus as neighbors," he said. VaporFi prefers spaces measuring between 1,000 and 1,500 square feet, in centers with strong grocery or big-box anchors and a mix of retail, dining and service ten- ants. "Good visibility from major roadways, monument signage avail- able and good placement on the signs" are also important factors in deter- mining a location, according to Lewis. Even if the vaping industry contin- ues its growth apace, it may never find its Starbucks. "It's not a field of chains with shared best practices and plans to expand widely," McDonald said. "Even the ones that have expanded, mostly did it by accident. This is a big thing, but it's confined." Q regulatory environment. E-cigarettes are free of most of the toxic chemicals found in tobacco smoke, and they are marketed as a safer alternative, but their long-term effects are still not fully understood. To address this gap, the FDA will soon require businesses to retroactively submit each individual vape product for approval before it can be sold, a costly process that those in the business see as a potential death knell. "Unless something changes, on August 8, 2022, the entire $5 billion independent industry will be wiped out," said Jim McDonald, an editor of the website. Many landlords view vape shops as a risk. "One of the larger challenges we face is landlords resisting our pres- ence," said Lewis. "Because there is so much confusion, misperception and false information about our industry in the marketplace, we must invest a lot of time with our brokers, educating the landlord on the benefits of our brand."

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