Bobby Peddicord: Retail owners today need to understand their shoppers — what resonates with them and what will ultimately compel them to visit their center. The second piece of the equation, which is just as important, is creating an environment that is comfortable, convenient and has a strong sense of place. Consumers have a lot of options today, including online shopping, and landlords have to fill a need or desire to attract shoppers.

GlobeSt.com: In L.A., we have seen major–and expensive–redevelopments of retail properties. Do you think this is a growing trend, and is redevelopment necessary to stay competitive?

Farnam: Repositioning of assets in major metro areas and suburban markets will continue to be the trend as retail needs to adjust in order to keep pace with or regain the interest of the shopper. A great example in LA would be Westfield Century City. Here you have a center that was already successful, and yet Westfield made a $1 billion redevelopment investment that added another 400,000 square feet plus of retail, including amenities such as concierge and package check and Eately, the market place, featuring a variety of restaurants, food and beverage counters, retail items, and a cooking school. We are working on projects across the U.S. where owners are looking for expertise around repositioning of a project. For some struggling local and regional malls and lifestyle centers, having a team such as the CBRE Retail Practice group to advise on opportunities is crucial to their success. Whether it is a re-leasing effort or it may be a teardown redevelopment opportunity, we are there to help with the design, construction, management and leasing.

GlobeSt.com: What are some easy, cost-effective ways to improve a retail property and keep a competitive advantage?

Farnam: There are always capital improvements that can enhance a center, but an area often missed and a huge focus for our team is consumer marketing. Knowing who your shopper is and the relevant ways to get your messaging to them is just as important as the in-center customer experience. Shoppers need to know what the retail property offers and the reasons to visit. Outside of the normal money being spent on new roofs and parking lots, dollars can be used to provide new amenities to a center. These ideas, which include adding family lounges and nursing stations, play areas, electric car charging stations and digital directories. These amenities make the shopping experience more enjoyable for the consumer and allow them to spend more time at the center.

GlobeSt.com: How has property management changed in today's retail market, and are more owners finding the need for property managers to help create and drive value?

Peddicord: Driving value has always been part of the property management role, but historically it was often done solely through reducing expenses. Today's opportunity is adding value to the top line through marketing partnerships, sponsorships and specialty leasing revenue. If done correctly, these efforts should interconnect and create placemaking opportunities and experiences, which will drive traffic to the centers.