Retail's New Approach to Real Estate
With e-commerce stealing foot traffic, traditional retail space is finding new ways to utilize its space to keep customers coming in, Gene Spiegelman of Cushman & Wakefield says.
Fitness services like SoulCycle and 24 Hour Fitness have expanded their space in shopping centers, along with “community uses” of retail space. It's much like Lululemon's "store of the future," and “expanding urgent care centers” into malls, shopping centers and urban high streets, Gene tells Bloomberg.
The strength of retail real estate varies in different segments of the market, he says. The urban centers, top-tier malls and lifestyle centers are going strong, but he is “seeing softening” in the lower-tier shopping centers.