How Centennial Real Estate is Remaining Relevant

Steven Levin, Centennial Real Estate’s founder and CEO

LAS VEGAS— Steven Levin , Centennial Real Estate ‘s founder and chief executive officer, would like to offer a counter opinion to the recent doom and gloom sentiments regarding the future of the enclosed shopping mall. The ICSC RECon attendee tells GlobeSt.com that the reality is that the retail environment is constantly changing and evolving. “Anchor boxes are being repurposed as mixed-use destinations that include lifestyle venues like fitness centers, chef concept and farm-to-table restaurants and entertainment uses,” he says. “These active lifestyle destinations are much more productive in generating traffic, which creates more energy and revenue.” While it is true that the landscape is changing, Levin continues, he says that it’s changing to fit what is going on culturally and socially. “Consumers are more active and doing more, therefore retail landlords need to create more than just a shopping center. They need to offer a complete lifestyle experience.” What is Centennial’s approach to remain relevant?  “Brick-and-mortar retailers need to understand that their differentiators, atmosphere, face-to-face interactions and transactions, are why people come to shop,” says Levin. “But they stay and return for the take away experience. We are evolving our properties to offer exciting retail destinations that meet the social and cultural needs of the communities we serve, beyond commercial transactions.” And his forecasts for 2016-2017 and beyond? Destination vs. point of purchase “We will continue to see retail defined more broadly today than it was 20 years ago; it’s an entertainment concept rather than a shopping concept.” Millennial retailer growth “The demands of the millennial shopper will continue to drive growth. We know from market research that these consumers expect instant delivery of fast fashion concepts coupled with attractive price points in an exciting setting. The result is the rapid growth of retailers that cater to this demographic.” Redevelopment vs. new development “Because America is saturated with retail space, I think we are going to see the fortifying of what has already been built. We need to offer the highest quality retail experience to consumers and communities, not dilute that experience by adding more space.” Stay tuned to GlobeSt.com in the next week or so for all of our continued coverage out of ICSC’s RECon 2016 event.