Creating an experience and a sense of place is the dominating trend in retail. Landlords have invested significant capital into upgrades and renovations that help drive traffic—but some landlords may be missing a crucial component. Retail property management experts Gavin Farnam and Bobby Peddicord of CBRE say that understanding customers and demographics are just as important and can help landlords create the right experience. We sat down with Farnam and Peddicord for an exclusive interview to talk about how owners are keeping their retail properties relevant and how property managers are more relevant than ever before.

GlobeSt.com: How are owners of existing retail properties looking for ways to keep them relevant?

Gavin Farnam: Owners have to be focused on placemaking and creating an experience that is enticing the consumer to visit their property. This can be done through curating the retail and food merchandising along with offering amenities and a unique environment. Implementing this strategy is essential as retail continues to evolve. We are working with some centers that have, for example, added fire pits, games that have been built into the sidewalks and exercise stations throughout the property. This, along with a consumer marketing campaign that has focused on their core customer, has been a huge success. Bringing in quality retailers can also create these types of placemaking experiences. Peloton and Untuckit are great examples of placemaking experiences at the retailers themselves. Untuckit has a Bourbon bar in their store, and at the Peloton store you can take an actual class.