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A Cityís Guide to 2017 Retail Real Estate Trend
From The Buxton Co
If your community is trying to attract new retail development or retain existing retailers, itís important to understand the challenges and opportunities facing these businesses. Thatís not always easy given the industryís rapid rate of change, which often affects site location decisions.
Each year, Buxton publishes an annual Retail Real Estate Outlook that provides updates on the state of the retail real estate market, important trends that are affecting real estate strategy, and markets that are attracting a lot of new development. While this report is written from a retailerís perspective, it offers helpful insights for communities who want to stay on top of the latest trends.
Below, we highlight three facts about todayís retail real estate market and explain how your community can respond.
Real Estate Prices are Rising
How to Respond: Itís more important than ever for communities to prove that their proposed site is a good investment for a retailer. Selecting new sites is an important financial decision, so retailers need to be confident that a site has the right types of customers, area draw, and proximity to competitors. Do your research and be ready to present prospective retailers with data-backed proof of your siteís potential.
Small Box Retail = Big Opportunities
How to Respond: Have vacant big box retail space? Consider working with real estate owners to divide it into smaller, more marketable spaces. If you are preparing new sites for development, be sure to include smaller parcels that give retailers the chance to enter the market without as much risk.
Itís All About Experience
How to Respond: Consider pursuing mixed-use development opportunities that emphasize community gathering places. For communities with older buildings, redevelopment programs may attract retailers seeking a unique aesthetic.
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