As the retail industry continues to transform, Spencer Jordan, senior vice president of leasing at Steiner + Associates, shares insights into the evolving role of lifestyle centers and speaks to the Midwest in advance of this weekend's ICSC Las Vegas conference. We advise brands looking for expansion opportunities.
LAS VEGAS—As the retail landscape continues to change and adapt to changing consumer behaviors and preferences, the role of lifestyle centers in shaping the retail experience is becoming increasingly important. Ahead of the upcoming ICSC Las Vegas Retail Conference, we had the opportunity to speak with Jordan, Spencer, Senior Vice President of Leasing at Steiner + Associates, and discuss the evolving nature of lifestyle centers from a leasing perspective. did.
Steiner + Associates is a leading developer and manager of innovative retail and mixed-use properties throughout the United States. Steiner + Associates has been at the forefront of redefining the retail experience with a focus on creating vibrant, community-centered spaces.
In our conversation with Jordan, she emphasized that the lifestyle center experience continues to evolve, especially from a leasing perspective. One key aspect of this evolution is the re-tenancy of existing spaces to accommodate changing consumer preferences. Mr. Jordan highlighted Steiner + Associates' current project to re-tenant more than 100,000 square feet of land in Easton's Fashion District with a first-market retailer and restaurant group. This strategic initiative reflects a proactive approach to meeting the evolving needs of consumers, she says.
Jordan pointed out that food and beverage currently accounts for a significant portion of in-line small store GLA (gross lettable area), accounting for 20% of total space. This change highlights the growing importance of the dining experience within lifestyle centers.
Mr. Jordan also emphasized the importance of planning strategies years in advance, reinvesting in existing brands, and creating anticipated vacancies to ensure the long-term success and relevance of lifestyle centers. emphasized.
For brands looking to expand into the Midwest, specifically Columbus, Jordan pointed to Columbus, Ohio, as a thriving metropolitan area with significant purchasing power. In fact, Columbus was predicted to lead U.S. population growth in the second half of 2023, and this year she was predicted to be one of Zillow's top three domestic housing markets, and her GlobeSt.com told.
One of the notable things about Columbus, she added, is its robust educational environment with more than 52 colleges and universities and approximately 160,000 students. This demographic diversity presents a huge opportunity for brands looking to tap into a vibrant and dynamic consumer base.
He also highlighted the future impact of Intel's superconducting facility, scheduled to open in 2026 with an annual payroll of $390 million. This development is expected to further drive consumer spending in the central Ohio region and make it an attractive destination for retail expansion.
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