REAL ESTATE

EDENS weaves retail into its new D.C. headquarters

BY Al Urbanski

EDENS, the developer behind the South Bay project in Boston and Preston Royal in Dallas, is moving its headquarters to the Union Market District it developed in Washington, D.C.

True to its background in retail, the company’s new workspace will incorporate two public retail offerings: The Village Café coffee shop and Politics & Prose, an independent bookstore with a strong local following.

“This place feeds our entrepreneurial spirit to learn and gather insights while engaging with the shopper in a human way. Retail is constantly being disrupted and this creates opportunity,” said EDENS CEO Jodie W. McLean.

Both the bookstore and the coffee shop will double as board room and learning lab for EDENS to engage with the community and implement pilot retail projects. The ground floor will be open to the public.

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Coradino says Bon-Ton closures won’t hurt PREIT

BY Al Urbanski

Joseph Coradino, CEO of major mall owner PREIT’s institutionalized anchor replacement strategy, has insulated the company against department store closures like the one announced by Bon-Ton.

“Our aggressive disposition and proactive anchor replacement program has resulted in the lowest exposure to Bon-Ton within our sector,” Coradino said. “We have found great opportunity in replacing department stores and have been leading the industry in so doing.”

PREIT claims to be the first big mall owner to have instituted a program to sell low-productivity malls, disposing of properties it deemed incapable of achieving average sales per sq. ft. of $500. A PREIT press release noted that — at the 17 properties it disposed of in the last five years — 25 anchor stores have closed.

The company reports that eight of its malls have achieved the $500 sales goal in each of the last 12 months, and that the rolling 12-month sales per square foot average across its portfolio currently stands at $483.

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Developer: Amazon ‘great’ for brick-and-mortar retail

BY Marianne Wilson

The founder and CEO of upscale real estate company Caruso has a somewhat contrarian view when it comes to Amazon.

In an appearance on CNBC’s “Squawk Alley ,” Rick Caruso addressed the so-called “Amazon effect” and shared his belief that the online retailer has actually been “great” for brick-and-mortar business.

Caruso, the only U.S. based developer with two shopping centers (The Grove and The Americana at Brand, in Los Angeles) in the Top 15 in the world based on sales per sq. ft., said he believes that e-commerce companies like Amazon teach retailers how to be more effective and competitive in the marketplace.

He also noted that retail is shifting to a hybrid model as online retailers recognize that “the social interaction with their customer – the sense of discovery and the sense of experience is critical to an overall retail strategy.” The fact that Amazon is opening physical stores “tells us that a hybrid model where you have digital and you have (brick-and-mortar) retail is very important,” Caruso said.

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M.Sapir says:
Apr-21-2018 05:09 pm

More action must be taken from major retailers and developers to deliver the “full experience” to consumers in physical retail. Amazon constantly markets sales from a box without any experience and we can do better. Michael Sapir, CEO, Sapir Real Estate Development

M.Sapir says:
Apr-17-2018 06:21 pm

I’m Michael Sapir, CEO to Sapir Real Estate Development since 2001. I’d like to comment on Mr. Caruso’s understanding of Amazon. During our Real Estate recession Amazon gained a great deal of traction with the millennial generation. Amazon advertises instructional videos on how to order and live your life online away from the physical retail experience. In fact their physical stores are to teach and introduce further a completely online retail lifestyle. We saw this before when catalogs came out except online retail is more interactive and tailors to individuals with autologic programming. I believe the answer to Amazon unlike Caruso is for major retailers; Walmart, Target, CVS and major Developers is to launch an educational , social and cultural media campaign introducing the “full experience” back into retail shopping. Consumers work on computers , use smart devices for most every part of their lives. The shopping experience should be a real physical experience offline to touch, feel , small and socially interact with others. What’s the point of ordering jeans online from Amazon and waiting for a box “if” you NEVER put those jeans on and go out. Most retail outlets offer the human experience and social interaction and entertainment much needed in human life that Amazon can never Deliver in any box. I’m further available for interview. Thank You. Michael Sapir

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