The Evolution of Shopping Centers

The emergence of non-traditional retail developments
is playing a large part in today’s retail environment. Communities should realize the benefits these new
retail developments can bring to their city. Benefits include anchoring new or reemerging downtowns, creating a community focal point where one never existed and strengthening the fabric of the community.

Historically, there has been a huge stock of shopping centers and malls, mostly built in the 1950s, 60s, 70s
or 80s. By the 1990s the primary growth in the shopping center industry was renovation, not new construction.
At the turn of the new millennium developers started responding to consumers’ demands, turning typical regional malls into entertainment hubs and social centers.

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Buxton Begins Work in Michigan

Buxton, the leading customer analytics firm specializing in the retail industry, has been retained by Midland, Mich., to assess retail and restaurant development. Midland’s population is approximately 42,000 and is Buxton’s first CommunityID project in Michigan.

The Midland Chamber of Commerce recently commissioned Fort Worth-based Buxton to undertake
an extensive analysis of three potential development sites. As part of its CommunityID program, Buxton will use proprietary methodologies and draw on its
database of 120 million households to identify the spending habits and lifestyles of customers in the trade areas. Midland leaders will use the information to
narrow their focus to one site. After comparing the information on the selected trade area to the core customer profiles of regional and national businesses, Buxton will recommend retailers and restaurants whose client bases match that of the site.

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The Best $100 a Community Can Spend

I work with communities everyday who are trying to attract retail and restaurants to their city/town. One of the first things I always ask them is “Are you a member of ICSC?”

ICSC is an acronym for International Council of Shopping Centers. Founded in 1957, ICSC is a global trade association of the shopping center industry. For as little as $100, community leaders can join ICSC and have access to a wealth of information. One of the most valuable tools community leaders can take advantage of are the regional deal making events which bring together leasing executives, developers, brokers, property managers and retailers/restaurants who are ready to make deals! Plan on registering early for the deal making shows as they fill up quickly. The most important thing to do is to be prepared.

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