GlobeSt.com: How has retail evolved even during the past two years?

Coslik: Change is going on at a cataclysmic pace. The consumer is speaking with the pocketbook louder and faster than ever before. You need to be on your game to anticipate consumer needs. If you don't, the trend is over and you fall behind.

GlobeSt.com: As millennials age, assuming they move to the suburbs, what will they want there?

Coslik: That is a good question. I will tell you it won't be the old strip centers and returns on suburban town centers are not great.

GlobeSt.com: What is being done with vacant mall properties?

Coslik: If they are left intact, they are being used for government or medical facility uses. Or, they could be partially demolished and have big box take over the remainder. If it is a total demo, multifamily is a common replacement.

GlobeSt.com: What are some of Woodmont's noteworthy retail projects in the Dallas metro?

Coslik: The Park Village is a unique retail and restaurant property located at Southlake Boulevard and Carroll Avenue in Southlake, TX, developed by The Woodmont Company. The Fresh Market, REI, Beauty Brands and Michaels opened in fall 2014, and now the property consists of more than 185,000 square feet, including specialty shops, services and restaurants. Southlake Boulevard and Carroll Avenue is a regional mix of key merchants such Central Market, Nordstrom Rack, Apple, Anthropologie, Del Frisco's Grille and others.

Irving Market Center is an industrial center located at 3905-4014 West Airport Freeway in Irving, TX, at the northwest corner of West Airport Freeway (Highway 183) and Belt Line Road. It has just been renovated with approximately 26,000 square feet for lease.

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FORT WORTH—The Woodmont Co., a national real estate firm specializing in the development, management, leasing and sale of enclosed regional malls, outlet centers and open-air shopping centers, was again designated by Chain Store Age as the fourth fastest growing third-party retail shopping center property management company. This is the second consecutive year that The Woodmont Company achieved a top five designation.

Additionally, the publication also named The Woodmont Company as one of the fastest-growing US developers. Woodmont currently operates 138 shopping centers in 18 states totaling approximately 20 million square feet. The Woodmont Company chairman Stephen Coslik recently discussed retail history, trends, vacant malls and noteworthy Dallas projects in this exclusive.

GlobeSt.com: What does it take to create a successful retail project today?

Stephen Coslik: Historically, you'd have a typical line-up of the majors, Target, etc. Now there is a mixture of Ross, TJ Maxx, Nordstrom Rack, etc. as value proposition retailers that are recognized as meeting customer needs. Also, you'd add retailers indigenous to the area to provide individual choices to shoppers. For example, adding restaurants that are successful to the area and offer a unique ambience would provide a better experience to diners.

GlobeSt.com: How has retail evolved even during the past two years?

Coslik: Change is going on at a cataclysmic pace. The consumer is speaking with the pocketbook louder and faster than ever before. You need to be on your game to anticipate consumer needs. If you don't, the trend is over and you fall behind.

GlobeSt.com: As millennials age, assuming they move to the suburbs, what will they want there?

Coslik: That is a good question. I will tell you it won't be the old strip centers and returns on suburban town centers are not great.

GlobeSt.com: What is being done with vacant mall properties?

Coslik: If they are left intact, they are being used for government or medical facility uses. Or, they could be partially demolished and have big box take over the remainder. If it is a total demo, multifamily is a common replacement.

GlobeSt.com: What are some of Woodmont's noteworthy retail projects in the Dallas metro?

Coslik: The Park Village is a unique retail and restaurant property located at Southlake Boulevard and Carroll Avenue in Southlake, TX, developed by The Woodmont Company. The Fresh Market, REI, Beauty Brands and Michaels opened in fall 2014, and now the property consists of more than 185,000 square feet, including specialty shops, services and restaurants. Southlake Boulevard and Carroll Avenue is a regional mix of key merchants such Central Market, Nordstrom Rack, Apple, Anthropologie, Del Frisco's Grille and others.

Irving Market Center is an industrial center located at 3905-4014 West Airport Freeway in Irving, TX, at the northwest corner of West Airport Freeway (Highway 183) and Belt Line Road. It has just been renovated with approximately 26,000 square feet for lease.