Shopping Centers Today

DEC 2018

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

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D E C E M B E R 2 0 1 8 / S C T 61 approximately 300 at year-end 2020, he says. But there is likely to be a food-hall shakeout in 18 to 24 months, Brown predicts. "•e ones that scrimped on design and nighttime entertainment are the ones that I think are going to fail," he said. Most ground-up retail projects now under construction in the U.S. are community and neighborhood centers anchored by grocery stores, and they are able to stand up against e-commerce by gearing up to provide home-de- livery services and by allying with pharmacy ten- ants, Brown says. New York City–based ShopOne Centers, a private retail REIT, has been acquiring just such grocery-anchored developments, in various places. In Ormand Beach, Fla., for exam- ple, ShopOne has plans to redevelop and expand the 35,000-square-foot Publix supermarket at the Trails Shopping Center, to 135,300 square feet. Specialty grocer Sprouts is on track to open 30 stores by the end of this year, as over against com- petitor Fresh •yme's 10 (which is in turn only half the number Fresh •yme opened last year). A 2018 JLL study of U.S. grocery chains revealed a 28.8 percent year-over-year drop in grocery-store openings last year, as chains reconsidered their store sizes and formulated strategies for dealing with online and brick-and-mortar competitors alike. California led the U.S., with some 1.6 million square feet of new grocery space. Dis- count chain Aldi is on track to roll out about 180 stores by the end of this year, and it also has a goal of operating about 2,500 stores in total nationwide by 2022. Developers are reworking older shopping cen- ters around the country at a brisk pace, accord- ing to Lambert. Aœer closings by J.C. Penney, Macy's and Sears at Eastželd Mall, in Springželd, Mass., owner Mountain Development Corp. en- listed Cushman & Wakeželd to help remake the 50-year-old, 87-acre property into a live-work- play destination. At press time the New Jersey– based owner-developer was seeking a partner for the project, which will attract "an impressive level of interest from a diverse group of inves- tors," according to Brian Whitmer, a Cushman & Wakeželd executive director. Meanwhile, class-B and class-C malls unsustainable as full retail centers are aggressively repositioning themselves as mixed-use developments, Brown says. Texas continues to lead the nation in job creation, prompting a litany of plans for both new and redeveloped retail centers. In the žrst O (Above) An 800-foot mixed-use building on the site of Detroit's J.L. Hudson building will include 100,000 square feet of retail when it is compete in 2020. (Left) The 6.2 million-square-foot American Dream Miami is set to open in 2022

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