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Traditional Retail Uses Have Become Obsolete

In talking about retail and consumer demand shifts in celebration of GlobeSt.com's 15th anniversary coverage, one source says that tenants and landlords must continue to reinvent themselves in order to remain relevant.

By Natalie Dolce | Updated on September 11, 2015

“Consumer demand pertaining to retail has shifted dramatically in the last several years.   Many traditional retail uses have become obsolete, which is forcing both tenants and landlords to reinvent themselves in order remain relevant.” That is according to Bryan Cunningham, VP of JLL retail. In celebration of GlobeSt.com’s 15th anniversary, he says that “With consumers continuing to use the Internet as a resource for purchasing goods and services, most shopping centers and retail developments are complementing traditional soft goods retail lineups with restaurant, entertainment and experience-oriented users to drive traffic to their projects.” 

Unlike other product types, he notes, retail real estate is tied almost exclusively to sales volume.  “Retailers will continue to be drawn to the highest profile projects in the best trade areas and will pay a premium to secure space in those developments in order to maximize sales,” he says. “Unanchored projects in secondary and tertiary markets will remain challenging with limited retail tenants to occupy these types of centers.”  

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