According to the International Council of Shopping Center (ICSC), there are currently more service-related establishments than retail stores in the U.S. Since 2002, the number of service- establishments at U.S. shopping centers increased by more than 20 percent, while retail locations declined by 4.5 percent.
The most significant growth has come from restaurants and drinking places, which have emerged as shopping center anchors. Location and convenience have also fueled the expansion of personal-service providers, including hair and nail salons, fitness-focused gyms and health clubs, and suppliers of repair and maintenance products and services. Essentially, today’s shopping centers have been the hub of convenience-oriented community activity. Property owners who are nimble enough to alter their strategies and tenant mix along with changes in consumer shopping habits will be better prepared to reap the rewards.
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.