NEWPORT BEACH, CA—The soft-good tenants that used to occupy big boxes are no longer what Millennials want to see in those spaces, and retail landlords need to be tuned in to their tastes, which often revolve around entertainment, Newmark Knight Frank's Dan Samulski tells GlobeSt.com. Samulski recently joined the firm's Newport Beach office as senior managing director, bringing almost two decades of retail expertise in Southern California to his role, including his most recently role as SVP at CBRE.
We spoke with Samulski about his new role and changes in the Southern California retail real estate market.
GlobeSt.com: What are you most looking forward to in your new role with NKF?
Samulski: The role I have is the same I've had. I've been in retail brokerage—predominantly the landlord side of the business—for pushing 20 years. My role here more of the same, but I'm looking forward to pushing expansion into the Inland Empire and building a landlord platform in the Inland Empire that's a little stronger than it is today. That, coupled with collaborating with other brokers I used to work with at Grubb & Ellis. Quite a few of those brokers are still here, so I'm looking forward to working with old and new partners out of Newport Beach and up in L.A.
GlobeSt.com: How would you characterize the big picture of the Southern California retail real estate market as it stands now?
Samulski: I still think it's still strong. I know we hear and see all the negative stories about retail, but I don't like to wallow in any of that. I think the mall world has been and will continue to be impacted, but that's not the world I delve into. I look at a lot of the downsizing and closures as opportunity—it creates opportunity for new tenants to the market. It provides opportunities for tenants that have tried to get into a particular trade area and haven't been able to get into retail space. Given the popularity of Southern California, retail will always be strong here.
GlobeSt.com: How do you see the market changing over the next several years?
Samulski: We have to open our minds to another form of retail and to consumer habits—especially Millennials. They want a place to have fun and eat, so we need to play to that. That's the biggest shift I see: revolving around the tastes and buying habits of Millennials, which revolves around entertainment. We used to fill boxes with soft-good retailers, but we need to be open minded about the types of retail that are attracted to centers, including the entertainment component.
GlobeSt.com: What else should our readers know about Southern California retail real estate?
Samulski: You could add medical into that. We're seeing a shift to medical users who want to be in retail environments. That's another shift I'm seeing.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
