Shopping Centers Today

MAR 2015

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

Issue link: https://sct.epubxp.com/i/462841

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urturing just about anything — a house- plant, a toddler, a romantic relationship — requires a deft touch. the same is true of the fragile independent stores that shopping center owners and managers are increasingly seeking to incubate. Lavish too much attention on any fragile thing, after all, and it may become weak and dependent. on the other hand, ignore that thing completely, and it may well just shrivel up. Maintaining a lively, expe- riential tenant mix in a shopping center seems to be growing more important by the day, so SCT asked a few experts to offer perspective on the costs and benefits involved in setting aside time, space and money to nurture that next generation of inspiring retail concepts. N M a r c h 2 0 1 5 / S C T 45 i L L u s t r a t i o n : P e t e r a n D M a r i a h o e y Realism vs. Idealism at ia Management LLC, the leasing and marketing team sees incubation as a great way to bring local color and energy to its shopping centers. but maintaining a balance between re- alism and idealism is a fundamental part of the process, says teri young, the firm's vice president of leasing and marketing. "For example, our ancillary income manager works with business owners to develop lease terms that are favorable for them to start or relocate a busi- ness — but not so far off that they can't eventually move into a permanent lease," she said. young cites Fresh boutique 4 girls, located at the open-air Westport Village, in Louisville, Ky., as an example of a short-term, incubated tenant that is now ready to strike out on its own. a heLPing hanD LandLords can pLay a key roLe in heLping new concepts becoMe thriving tenants By Joel Groover

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