Coslik says he expects to see more of the experiential venue when the economy returns.

DALLAS—Specializing in the development, management, leasing and sale of retail properties, the Woodmont Company was co-founded in 1980 by chairman Stephen Coslik. To commemorate its 40th anniversary, the company announced it will be participating in 40 charitable giving projects this year. Organizations will include Habitat for Humanity, Donations for Veterans overseas, Ronald McDonald House and others.

"The retail real estate market has seen tremendous change over the past 40 years," Coslik tells GlobeSt.com. "Woodmont has endured four economic downturns in our history with the current pandemic being the most globally impacting. What was standard operating procedure before 2020 will certainly change in the face of the latest challenge."

Coslik says enclosed retail was once viewed as the vehicle for being entertained, congregating, shopping and eating. But this has now shifted to consumers wanting to be outdoors; thus driving the appeal of the lifestyle center.

"I expect we will see more of the experiential venue when the economy returns," Coslik tells GlobeSt.com. "In addition, technology has played the biggest role in the evolution of retail. Gone are the days of driving hours and hours to capture details of your region and become an expert of its demographics. Nowadays, information, and some would say information overload, is just a click away. Also, technology allows owners to market a property to prospective tenants, consumers and investors more comprehensively and more efficiently. Finally, over the past few years, we've seen e-commerce provide a new vehicle for consumers to shop. Landlords and tenants who understand how to mesh brick-and-mortar and e-commerce will continue to thrive when the turbulent waves of the pandemic calm."

Woodmont started with two founding partners in 1980 and has grown to 170 professionals. In 1980, its initial specialty was development and brokerage but today, Woodmont specializes in development, brokerage, property management, tenant representation, marketing and asset services. The firm has developed more than 13 million square feet across 28 states valued at more than $4 billion in its 40-year history.

"40 years ago, we launched the Woodmont Company with six young professionals focused on brokerage and development of a small strip center," said Coslik. "With the help of many, many partners, we have evolved into a nationwide full-service retail real estate firm with the same goal: providing premier service to our customers, internal and external."

Fourth quarter 2019 retail construction in DFW increased 10% quarter-over-quarter, with many new large-scale starts leading the trend, according to a CBRE report. Most of this activity was concentrated in the northern suburbs with North Central Dallas and Far North Dallas accounting for 45% of new construction. The DFW economy continued to post stable numbers through the rest of 2019, with the unemployment rate still low at 3.4%. Dallas maintained its top spot for new home starts, with builders starting 34,361 homes throughout last year, says CBRE.