Convenience has long been a driver of consumer-spending habits. Not only has it helped to create an online shopping phenomenon, but it is also giving a boost to everyday, neighborhood strip centers where consumers must go routinely to do things they cannot do online.
At a time when the consumers and investors are turning away from traditional malls with big box department stores, well-located strip centers with diverse tenant mixes are staying busy, attracting shoppers who going weekly to even daily to workout at the gym, treat themselves to a haircut or other salon service, pick up prescriptions and get a flu shot and grab a cup of coffee or meal with friends. Property owners are seeking out tenants that provide services or products that fulfill specific needs and are more likely to survive through a recession. Retailers are also recognizing the visibility and potential foot traffic offered by convenient strip center. For example, as part of its reorganization plan, Macy’s announced that it will shutter many of its big-box stores in underperforming malls in favor of smaller footprints in convenient neighborhood strip centers.
With offices in Miami, Orlando, New York City and Geneva, the team at Orion works with investors, developers, property owners and brokers through all phases of real estate transactions, from strategic planning and analysis to financing, negotiation, property management and disposition. For more information, call (305) 278-8400 or email firstname.lastname@example.org.