REAL ESTATE

Forecast: Value stores, luxury shops, restaurants to lead retail development in 2013

BY Marianne Wilson

Chicago — The value and luxury classes of retail will supply the most construction opportunities in 2013, according to a forecast by Englewood Construction. The Lemont, Ill.-based commercial builder also predicted an uptick in restaurant development and a squeeze on middle-market retail.

While value-based stores and high-end shops meet today’s retail demands, the development of both destinations will look different in 2013. Unlike the segregated past with the big-box value seeker shopping in a completely different locale than the high-end couture spender, said William Di Santo, president of Englewood Construction. He predicts more integration, with these two types of shoppers strolling down the same retail street.

“No longer will new or renovated shopping centers only cater to one set of buyers or income bracket, but rather, most locations will offer a wider variety of retailers,” Di Santo said.

Despite recent growth in the value and luxury segments, internet shopping has taken a toll on brick-and-mortar operations. But mall owners and developers are turning to a different type of tenant to fill vacancies – restaurants.

“Fast-casual food franchises inside shopping centers and new stand-alone restaurants on out lots have become a major driver of commercial construction projects,” Di Santo said. “Restaurants still offer an experience and entertainment value that the online market cannot compete with.”

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Apr-01-2013 11:30 am

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M.Willson says:
Apr-01-2013 11:30 am

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REAL ESTATE

Conn’s opens three HomePlus stores

BY Marianne Wilson

The Woodlands, Texas — Conn’s announced the opening of three Conn’s HomePlus stores in El Paso and Fort Worth, Texas, and Tucson, Arizona.

The new Conn’s HomePlus store format showcases furniture and mattresses in addition to the leading brands and the latest technologies in consumer electronics and home appliances.

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REAL ESTATE

PREIT announces new leases at Moorestown Mall

BY Staff Writer

Philadelphia — Pennsylvania Real Estate Investment Trust announced the addition of new restaurants and retailers to its Moorestown Mall property, located in Moorestown, N.J.

New tenants include Marc Vetri’s Osteria, Firebirds Wood Fired Grill, Corner Bakery, The Walking Company, Cotton On and Body Central. As the remerchandising of the property continues to progress, more restaurant and store additions will be announced, according to PREIT.

Moorestown Mall is a 1 million-sq.-ft. enclosed regional shopping mall anchored by Macy’s, Lord & Taylor, Sears and Boscov’s.

Upon acquiring the first four liquor licenses awarded in what was previously a “dry” town in southern New Jersey just outside of Philadelphia, PREIT is executing its strategy of adding restaurants as a key element to improving the shopping experience and driving traffic to its retail partners. PREIT worked closely with Moorestown Township and its residents over the past several years to successfully pass a referendum to lift the nearly century-old ban on alcohol sales in the town.

Earlier this year, PREIT executed a lease with Marc Vetri’s affiliate, Vetri Family Restaurants, to open the second location of its restaurant concept Osteria at Moorestown Mall, marking Vetri’s inaugural foray into a suburban environment. The original Osteria restaurant is in Philadelphia, and was named one of the “101 Best Places to Eat in the World” by Newsweek. The Moorestown Mall location is expected to open in the summer of 2013.

Corner Bakery has also signed a lease to open in the summer of 2013 on an outparcel. This will be the first Corner Bakery in Southern New Jersey.

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