"Plenty of grocers are still expanding, including ShopRite, Whole Foods Market, Lidl and Aldi, " Brunelli noted. " Generally speaking, grocery-anchored properties are among the safest bets for investors."

A challenge for grocers at the moment is finding suitable sites in New Jersey's tight real estate market. Lidl, for example, has shown a willingness to move into properties that formerly had longstanding vacancies, such as Lawrence (Township) Shopping Center on Route 1, Brunelli noted. Securing such anchors can bolster landlords' leasing efforts. "That center recently signed, not just Lidl, but also LA Fitness, Dollar Tree and AutoZone," she said. "It's just one example of how a flexible grocer like Lidl can turn a shopping center around."

Other chains would do well to consider whether greater flexibility—on owned-versus-leased real estate, prototype sizes, lease language and other key decisions—could benefit their expansion plans, Brunelli said. "There are only so many great sites out there. The tenants that are willing to stay flexible are the ones we're seeing make deals happen."

Sephora's expansion, she added, hinged on its decision to move out of malls and into higher-end strip centers. "Today, we're accustomed to seeing Sephora, Sally Beauty and ULTA Beauty locate in these properties, but that wasn't always the case," Brunelli said. "It's also important to remember that these tenants are often willing to downsize quite a bit to secure sites with the maximum potential for traffic and sales."

The success of TJX Cos. Inc.—operator of TJ Maxx, Marshalls, HomeGoods and other concepts—has been in large measure due to its flexibility, Brunelli noted. "TJX continues to grow and put pressure on other retailers by doing a great job giving people the merchandise and experience they want," she said. "TJX has had the flexibility to figure out what actually works in our economy."