What Drives Successful Retail Developers

Jeffrey Bayer, president and CEO of Bayer Properties, offers strategic insight.

ATLANTA— Jeffrey Bayer, president and CEO of Bayer Properties , has joined the ICSC ‘s board of trustees. Bayer brings a wealth of knowledge to the board, having founded his firm in 1983 with a mission to create real estate environments that improve the quality of life in the communities it serves. Bayer Properties owns a mixed-use asset portfolio of about 10 million square feet across the US. Retail and office properties the firm owns or operates include: The Summit in Birmingham; Mount Pleasant Towne Centre in Mount Pleasant, SC; and The Summit in Reno, NV. New developments include The Pizitz building urban revitalization project in Birmingham and The Summit at Fritz Farm, a mixed-use project in Lexington, KY. GlobeSt.com caught up with Bayer to drill down into his thoughts about the retail market and his role in ICSC in part one of this exclusive interview. In part two, he will discuss trends he’s seeing in the retail market. GlobeSt.com: What is your vision for ICSC? Bayer: ICSC is a significant conduit for the retail industry, becoming more relevant as our industry adapts to ongoing changes. ICSC’s impact goes well beyond the annual RECon in Las Vegas. Throughout the year, it brings together the brightest leaders and innovators, empowering us to share best practices and stay ahead of the curve as the retail industry and consumers continue to evolve. As an ICSC board member, I intend to be a voice for private developers, such as Bayer Properties, that are vital to the real estate and retail community. As our industry has turned to investment-focused ownership through REIT s and other public entities, it is critical to also support and encourage the vision and passion that comes from the private sector. Over the past year, I have also been involved in ICSC’s PAC committee, supporting legislation for fairness in sales tax and related issues. Taxation is an ongoing concern to all in the real estate and retail industries and ICSC works diligently to ensure fair practices across all commerce sectors. GlobeSt.com: What concerns do you have about the retail market at large? Bayer: Retail is experiencing a dramatic transition. I see this as a challenge and inspiration to create and implement strategies that will lead the market change. Retail has a long history of evolving to meet consumer needs and this isn’t the first shift we’ve seen. The retail that was once centralized in downtown city centers moved to suburban areas and are now starting to come back to their downtown roots. We are now witnessing the next phase that encompasses these brick-and-mortar trends with the effects of a technologically-driven society. Consumers still want the communal experience that shopping and dining provide. They also desire the tactile experience of seeing and touching merchandise, as is proven by the many online retailers who are adding brick-and-mortar locations. To be successful, a developer must think like a customer and focus on creating an experience-rich environment that attracts consumers through architecture, activity, and authenticity.