Cleveland ViewPoint - Dead Malls - A Boost for Retail? - August 2017
Brick and Mortar Retail is Not Dead - With over three million sq. ft. of projects in the development pipeline, it is clear that retail as we know it is not going away anytime soon. New development continues, but primarily in key trade areas, following focused due diligence by the developer. Understanding local trade area dynamics has never been more important. This paper looks at the bifurcation of prime & subprime trade areas in the Cleveland area.
Supply-Side Strategy - Dead malls are not necessarily a bad thing. These are large, hard to find sites within urban areas. They are characterized by strong local infrastructure, large parking ratios, and strategic locations near major highways & labor pools. Suddenly, in the age of e-commerce growth and strategic logistics planning, mall sites are attractive for redevelopment.
Pruning the Market - Cleveland, when compared with other top metros, has an excess of retail space. Paring down underperforming retail space will strengthen the remaining centers. What will be important is to ensure that the remaining centers are highly accessible, with convenient parking, easy links to public transportation, even bike racks, to match developing trends.