Inland Real Estate Income Trust acquires shopping Center in Wisconsin
Oak Brook, Ill. — Inland Real Estate Income Trust announced the acquisition of the 86,800-sq-ft. Pick ‘n Save Shopping Center in West Bend, Wisconsin. Lou Quilici, senior VP of IREIT Business Manager & Advisor, Inc., assisted Matthew Tice, VP of Inland Real Estate Acquisitions in the purchase of the property.
Well situated at the intersection of South Main Street and Paradise Drive, Pick ‘n Save Shopping Center is located within a highly trafficked retail corridor and across the street from Paradise Mall Shopping Center. Newly constructed in 2011, the property provides the approximately 45,000 residents living within a five-mile radius of the center access to a 69,886-sq.-ft. Pick ‘n Save grocery store as well as other necessity-based services.
Pick ‘n Save Shopping Center is 92.9% leased to five tenants. In addition to the Pick ‘n Save grocery store, tenants include PNC Bank, Aspen Dental, Sport Clips and Cherry Berry.
SRS Real Estate Partners hires new associate
Dallas — SRS Real Estate Partners has hired Daniel Poku as an associate in the Dallas/Fort Worth office. A newcomer to the industry, Poku has a background in economics.
Poku is a recent graduate of Southern Methodist University. Poku is also currently pursuing a new venture called CauseCakes, with plans to launch fall 2014. CauseCakes partnered with a local bakery to provide cupcakes with wrappers that prompt acts of random kindness for special events and corporate meetings.
Survey: Teens, young adults like shopping at malls better than online
Cleveland — Shopping ranks as a favorite activity among nearly half of all teens and young adults aged 13 to 24, according to a new survey by Forest City in partnership with Alexander Babbage. Shopping at malls ranked above a virtual shopping experience among the entire group, with the 13-to-17-year-old age group showing the strongest preference for a bricks-and-mortar shopping experience.
As to what is shaping the young shoppers’ decisions, friends and in-store displays topped the list of key influencers. In fact, the study found that young shoppers are four times more likely to be influenced by friends and three times more likely to be influenced by in-store displays than by social media.
The survey also found that teens and young adults are more deal-oriented than generally expected. In addition to finding a deal, young shoppers seek an experience that delivers individuality, authenticity and uniqueness.
Results also show that teens and young adults visit large shopping centers more frequently and spend more money there than at any other virtual or physical shopping venue. Specifically, the survey found that 71% of monthly expenditures by 13-to-17-year-olds and 69% by 18-to-24-year-olds are made in bricks-and-mortar shopping locations.
The survey also found that 13-to-17-year-olds are less brand-centric and more price-sensitive than 18-to-24-year-olds. However, both groups prefer sales and discounts over other tested ways to enhance their bricks-and-mortar shopping experience.
Gift card incentives ranked especially high among this age group, followed by sales at favorite retailers. The 13-to-17-year-old group showed a stronger interest in using malls as places to "hang out," compared with the 18-to-24-year-old age group.
"This generation grew up during the recession, a time when everyone was trying to cut costs, including their parents," said Jane Lisy, Forest City’s senior VP of marketing, Forest City, a national real estate company. "Even though our economy is now recovering, these deal-seeking habits are still important to young shoppers."
In other key findings:
• Personalization and individuality also ranked highly among teens and young adults when it came to their shopping experience. Nearly 65% said the ability to personalize their clothes, shoes and accessories had a positive impact on their overall shopping experience.
• While most young adults indicated that using a mobile device is the least preferred way to shop online, they also said the ability to use mobile devices to receive offers and information positively affects the shopping center experience. Email communication was revealed as the preferred medium for fashion, brand and retail information.