Consumer behaviors continue to evolve, meaning those in the retail space need to adapt to shifting client demands! Gone are the days of having limited types of stores or restaurants. Customers are placing more emphasis on experiences and modern spaces that fit into their lifestyles.
Smart Brief had the opportunity to speak with PREIT CEO Joseph Coradino about how retailers can meet these new demands and ways to position retail spaces for success in 2020. Take a look!
What are some current trends when it comes to redeveloping retail centers? Do you expect those to continue into 2020?
In 2020, owners and developers should look to further integrate concepts that span the consumer lifestyle more broadly, modernizing their appeal. Our most recent development, Fashion District Philadelphia, is a great example of where the retail landscape is heading.
When conceptualizing and creating The District, we focused on creating a variety of shopping options and destination entertainment experiences. After analyzing modern consumers and their needs, we developed the four key pillars — style, dining, entertainment, and arts and culture — that guided the project and allowed us to deliver an engaging atmosphere featuring new and innovative tenants, social experiences and activities in a desirable environment.
What makes metropolitan areas different from suburbs or even smaller cities?
The most notable difference is in their accessibility. Metropolitan areas serve residents and visitors, offer numerous modes of public transportation and have highly trafficked landmarks that many suburban towns and smaller cities don’t offer. Because of this, retail developments in metropolitan areas must serve as destinations and landmarks on their own – offering accessibility, convenience, a continually refreshed calendar of events, and tenant diversity to drive traffic and increase the amount of time people visit.
Are there issues or specific challenges you face in city redevelopment that you don’t see in other locations? How do you overcome those?
When developing a property in a metropolitan area, there are numerous challenges that are unique to the location, such as ensuring the development meets a need or demand within the existing landscape, will have a positive impact on the community and is in line with where the city is heading.