Shopping Centers Today

NOV 2018

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

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Page 53 of 63

E X E C U T I V E M OV E R S A N D S H A K E R S N E W S M A K E R S Lacy Beasley, match- maker Retail Strategies finds good retail and restaurant partners for municipalities L acy Beasley joined Birmingham, Ala.–based Retail Strategies in October 2013 as vice pres- ident of business development and became president nearly three years later. Retail Strategies helps match up municipalities to retailers and restau- rants. She recently sat down with SCT 's Misty Milioto to discuss the value and importance of public-private partnerships in commercial real estate. Why is it important for retail and restaurant businesses to work with municipalities? Community leaders are experts on the local psychographics. O‚en the decision makers choosing a location for a new national or regional retail store or restaurant do not live local- ly and need the "story" on the local behaviors that drive retail sales. Tra‡c patterns, social behaviors, events and local biases can all be inˆuencers not obvious through analytics. In addition, there are typically ordinances such as land-use plans, permits, planning and codes, and other approvals necessary from the municipality. Is there any public-private partnership that stands out as having been especially successful during your time at Retail Strategies? Before I joined Retail Strategies, I was a research and GIS [geographic information systems] analyst at The Shopping Center Group, in Nashville [Tenn.]. Cookeville, Tennessee, was a community where I believed the retailers should add a new location, but the market was difficult to prove. The city of Cookeville hired Retail Strategies in 2014. The Shoppes at Eagle Point is a 228,254-square-foot shopping center opening this fall that would not have happened without the diligence of the city leaders, [the] property developer [CBL Proper- ties] and Retail Strategies, working together to establish an effective public-private partnership. That is anticipated to create 600 new jobs and [to] bring $2.4 million annually in sales-tax revenue. What are some of the challeng- es that the public and private sectors both face in terms of commercial real estate? še retail real estate market is not dying, as the general population may perceive; however, it is changing. First, omni-channeling continues to push in- novation — impacting commercial real estate. [So] study the trends, and be ready to adapt. Second, public-private partnerships are the new normal of commercial development; structuring retail incentives to generate a winning scenario for all parties is increasingly important. Finally, both parties must be forward-thinking when developing shopping centers today that will be impacted by autonomous vehicles in the future. Q 54 S C T / N O V E M B E R 2 0 1 8

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