The retail market has evolved dramatically this cycle, moving from big box retailers and department stores to more experiential brands and quick-service restaurants. While the market is changing, shopping centers are here to stay, according to Gary Glick, head of Cox, Castle & Nicholson LLP's Retail Practice Group. We sat down with him to talk about how the retail landscape has changed and how shopping centers will fit into the future of retail.
How has the retail landscape changed this cycle?
Glick: There are many fewer shopping centers being built. The ones that are being built are in in-fill locations or areas like Silicon Valley that have not suffered nearly as much from the Great Recession. Many of our shopping center developer clients have used the period following the Great Recession to redevelop existing centers or to purchase value-add centers and redevelop and re-tenant them.
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