Just because a lease is expiring doesn’t mean landlords are eager to renew. Tenants better prove their worth, we learned this morning at Bisnow’s Dallas-Fort Worth Retail Summit at the Westin Galleria. (Remember the good ol' days when all you needed was a pulse to get renewed.)
IA Management VP Teri Young (left, with NorthPark Center director Derek Wood) says a few years ago, retail was in the dark days. Today, the industry has picked up and owners may look for tenants that draw more consumer traffic to hold a shopper at the center. That’s not a trend she sees going away.
Derek (left, with Henry S. Miller Brokerage retail division prez Michael Dee) says NorthPark expects to add 40 to 50 new retailers in the next few years, as about 40% of the tenant leases will be expiring. "My strategy is simple. We want the best tenants in every category and we’d like them to be unique to Dallas or Texas." Come back tomorrow for more detailed coverage of the Bisnow DFW Retail Summit.
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