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Expert: Retail Industry Becomes More Darwinian

INLAND EMPIRE, CA—A region's stability is provided by the diversification of shopping centers, outlets, power centers and neighborhood centers, says a source in this EXCLUSIVE Q&A.

By Natalie Dolce | nataliedolce | | Updated on May 31, 2016
Scott Kaplan, EVP at JLL. Scott Kaplan, EVP at JLL.
INLAND EMPIRE, CA—As GlobeSt.com previously reported , Scott Kaplan and Erik Westedt recently moved to JLL. GlobeSt.com caught up with Kaplan, new EVP, to discuss more about the retail market as we celebrate all things retail in the month of May thanks to ICSC’s recent RECon event. GlobeSt.com: What does it take for a retailer to succeed in today’s market? Kaplan: The retail industry has become more and more Darwinian. The way customers shop is forcing change and the smarter retailers are able figure things out quicker. Retailers today need to reach out and educate their customers. Customers today are as informed as they have ever been about what they need and want. The melding of the computer and phone to the retailer is huge. Successful retailers are able to send deal notifications to a person’s phone while the consumer is shopping in the center. GlobeSt.com: How will the Southern California retail market continue to evolve over the next 24 months? Kaplan: If you look at US historically, Southern California has had fewer major downturns compared to other markets. Historically we do not have huge dips and one is not expected during the next 24 months. Luxury retail is slowing down, but minimal change is expected in urban markets and the stronger suburban markets like Rancho Cucamonga, Chino Hills and Mission Viejo continue to flourish. Locally the Southern California retail market is not overheated though an adjustment in rent is likely. Rather than a significant drop, rents are expected to level out and reduction in retailer expansion is expected. A region’s stability is provided by the diversification of shopping centers, outlets, power centers and neighborhood centers.

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