Two Los Angeles-based firms have joined forces to address the fundamental changes in the retail market. DEODATE Retail Strategies and Black//Brown have partnered to launch Diverse Demographic Retail Insights, a platform that will advise large institutional mall and shopping center owners, national retailers, and municipalities in diverse markets.
"Most large-scale shopping centers located in high-density primary markets were built and tenanted 10-30+ years ago when market demographics were very different than what they enjoy today," Rodrigo Gonzalez, CEO of DEODATE, tells GlobeSt.com. "The programming and tenant mix no longer speaks to the market demographics as they stand today. Institutional owners of retail centers have had a difficult time adjusting to diverse demographics that, while highly loyal to retail brands, also have different triggers that will propel them to visit and shop/consume at these centers."
The platform is unique in that it is providing solutions to current owners to adapt to the changes in the retail market. "We think there is a strategic white space in the real estate and retail sectors for dealing with the impact that Amazon and other commerce players have had on the industry," Charlie Echeverry, founder and managing director of Black//Brown, tells GlobeSt.com. "We don't see a solution set available that is truly looking to create retail experiences tailor-made for the changing American demographic landscape, and we are prepared to provide exactly that."
Specifically, the platform will provide a pathway to attract consumers throughout the local community. "We have had the pleasure of advising some of the largest retail developers in the country, as well as municipalities looking to stop the hemorrhaging of tenants at shopping centers by virtue of data based, strategic tenant mixing," says Gonzalez. "These experiences have led us to create approaches that look at retail gaps, space mixing, and programming that is proactively seeking both the immediate—less than 2-mile radius—and market area—7-10 mile radius— demographic needs from cultural background, age, and buying power lenses."
Gonzalez and Echeverry are targeting a wide range of retail owners, looking to establish a strong foundation for the platform. "The platform is three-pronged, focused on large holders of retail real estate and municipalities where these centers are situated, as well as national retailers that are struggling in or looking to enter these centers," says Echeverry. "We are looking to engage with a small number of strategically selected clients/constituencies to provide them innovative strategies on driving engagement and foot traffic, while building a rock-solid case study for the industry in the process."
So far, the industry has been responsive. "Even though this initiative is brand new, there is great interest among the retail industry in innovative solutions to evolving consumer habits as they related to the brick and mortar shopping experience," says Echeverry.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Kelsi Maree Borland
