ATLANTA—From e-commerce to Millennial impacts, retailers are working to shift. Some don't have a choice. Major retail bankruptcies like Sports Authority and department store and big box retail closures are changing the landscape.
Nick Egelanian president of Siteworks Retail and author of an Urban Land Institute chapter on commodity versus specialty retail, has his finger on the pulse of the retail real estate industry evolution. He's even exploring retail consumer trends fewer are discussing and what to expect in the post-department store era.
GlobeSt.com: What trends are you seeing or do you expect to see in retail real estate in 2017?
Egelanian: The number of malls operating nationwide have been contracting from a high of near 3,000 to fewer than 1,000 today. And going forward only the strong will survive.
In addition to the apparel retailers referenced above, many discount concepts and commodity retailers. Aldi, Lidl and Five Below continue to thrive, adding several hundred additional stores throughout 2017.
GlobeSt.com: What are the challenges or X factors on your radar screen?
Egelanian: Retailers need to keep their eye on the ball and work hard to make sound strategic decisions. It is easy to go the wrong direction when a confusing array of change “agents” are at work.
GlobeSt.com: Closing thoughts?
Egelanian: Pay close attention to Sears and Macy's. They will lead the way in the final phase of mall consolidation.
ATLANTA—From e-commerce to Millennial impacts, retailers are working to shift. Some don't have a choice. Major retail bankruptcies like Sports Authority and department store and big box retail closures are changing the landscape.
Nick Egelanian president of Siteworks Retail and author of an Urban Land Institute chapter on commodity versus specialty retail, has his finger on the pulse of the retail real estate industry evolution. He's even exploring retail consumer trends fewer are discussing and what to expect in the post-department store era.
GlobeSt.com: What trends are you seeing or do you expect to see in retail real estate in 2017?
Egelanian: The number of malls operating nationwide have been contracting from a high of near 3,000 to fewer than 1,000 today. And going forward only the strong will survive.
In addition to the apparel retailers referenced above, many discount concepts and commodity retailers. Aldi, Lidl and Five Below continue to thrive, adding several hundred additional stores throughout 2017.
GlobeSt.com: What are the challenges or X factors on your radar screen?
Egelanian: Retailers need to keep their eye on the ball and work hard to make sound strategic decisions. It is easy to go the wrong direction when a confusing array of change “agents” are at work.
GlobeSt.com: Closing thoughts?
Egelanian: Pay close attention to Sears and Macy's. They will lead the way in the final phase of mall consolidation.
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