Platinum Properties’ Post

𝗛𝗼𝘄 𝗺𝗮𝗻𝘆 𝗳𝗹𝗼𝗼𝗿𝘀 𝗶𝘀 𝘁𝗼𝗼 𝗺𝗮𝗻𝘆 𝗶𝗻 𝗦𝗵𝗼𝗽𝗽𝗶𝗻𝗴 𝗠𝗮𝗹𝗹? 𝗠𝗮𝗸𝗶𝗻𝗴 𝗮 𝗰𝗮𝘀𝗲 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗩𝗲𝗿𝘁𝗶𝗰𝗮𝗹 𝗠𝗮𝗹𝗹 ⏫ Vertical malls stretch skywards, offering multiple floors of shopping, dining, and entertainment experiences. 🛍️ I've visited over 350 shopping centres globally and seen my fair share of Vertical Malls 🌍 𝙁𝙞𝙧𝙨𝙩, 𝙡𝙚𝙩'𝙨 𝙘𝙤𝙣𝙨𝙞𝙙𝙚𝙧 𝙩𝙝𝙚𝙞𝙧 𝙘𝙤𝙧𝙚 𝙘𝙝𝙖𝙡𝙡𝙚𝙣𝙜𝙚𝙨: 𝗔𝗰𝗰𝗲𝘀𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝘆: Navigating multiple floors can be daunting for shoppers. 𝗩𝗶𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝘆: Brands need to stand out amidst the vertical sprawl. 𝗙𝗼𝗼𝘁𝗳𝗮𝗹𝗹 𝗗𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻: Ensuring all floors receive equal attention. 𝗦𝗲𝗰𝗼𝗻𝗱, 𝗵𝗲𝗿𝗲 𝗮𝗿𝗲 𝘀𝗼𝗺𝗲 𝗮𝗰𝘁𝗶𝗼𝗻𝗮𝗯𝗹𝗲 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀 𝘁𝗼 𝗺𝗶𝘁𝗶𝗴𝗮𝘁𝗲 𝘀𝗼𝗺𝗲 𝗼𝗳 𝘁𝗵𝗲𝘀𝗲 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀. → 𝙀𝙡𝙚𝙫𝙖𝙩𝙤𝙧 𝙖𝙣𝙙 𝙀𝙨𝙘𝙖𝙡𝙖𝙩𝙤𝙧 𝙋𝙡𝙖𝙘𝙚𝙢𝙚𝙣𝙩: Strategic positioning is crucial. → 𝙕𝙤𝙣𝙞𝙣𝙜 𝙛𝙤𝙧 𝙀𝙭𝙥𝙚𝙧𝙞𝙚𝙣𝙘𝙚: Design each level with a unique theme or experience. → 𝙄𝙣𝙩𝙚𝙧𝙖𝙘𝙩𝙞𝙫𝙚 𝙎𝙞𝙜𝙣𝙖𝙜𝙚: Use digital directories and wayfinding tools. → 𝘼𝙣𝙘𝙝𝙤𝙧 𝙏𝙚𝙣𝙖𝙣𝙩𝙨: Position key attractions at higher levels. → 𝙑𝙚𝙧𝙩𝙞𝙘𝙖𝙡 𝘽𝙧𝙖𝙣𝙙𝙞𝙣𝙜: Embrace creative vertical marketing strategies on pillars, escalator wraps, and atrium displays. _____ Vertical malls can indeed be effective if designed smartly, blending innovation with practicality. 𝗦𝗵𝗮𝗿𝗲 𝘆𝗼𝘂𝗿 𝘁𝗵𝗼𝘂𝗴𝗵𝘁𝘀!

The concept of Placemaking is changing the face of retail. Shopping center owners, economic development professionals and retailers are all looking for ways to create spaces that make people want to hang out in. Earth shattering, right? But, in reality, the shift is far more interesting than it seems. Professionals across segments are looking to create environments that drive longer stays leading to more opportunities and more transactions and it's a big deal. It's changing how spaces are developed, how consumers interact with those spaces and the types of tenants that make sense in certain spaces. So while the concept may be simple, the added focus will have major ripple effects in 2024 and beyond.

If you haven’t been to #Downtown #SiouxFalls recently, you haven’t seen one of the most compelling #independent #retail scenes around! We’ve been working with #DTSF on a retail #strategy and implementation plan this year, and predict some more great things happening to take the Downtown to the next level! #retailresilience #communitydesign #urbanplanning #exonomicdevelopment #midwest #businessimprovementdistrict

Back in 2017 WSJ had a similar article titled ‘The Mall of the Future Will Have No Stores—Shopping-center landlords are rethinking the traditional mall model—and shops aren’t necessarily part of the equation’. I can certainly see older malls, too risky too be renovated, and lacking anchors, may be better suited for multipurpose centers offering places consumers could visit, work out of, live out of, a place of entertainment, and so much more. We have seen this to some degree with the re-imagining of trailer and RV parks, certainly not the parks of the 70s or 80s! #retail https://lnkd.in/gQ3mhx4n

UTC Mall Undergoing ‘Luxury Expansion’ RETAIL: 2 New Buildings Add Storefronts, Dining BY RAY HUARD SAN DIEGO – The original site of Nordstrom’s at the Westfield UTC mall is being redeveloped into new storefronts and restaurants aimed at adding to the center’s appeal to high-end shoppers and diners. The mall’s owner, Unibail-Rodamco-Westfield, based in Paris, declined to disclose the cost of the renovations that will include adding 50,000 square feet of space in two separate buildings on the west end of the mall. Scheduled to be finished in 2026, the latest renovations are what Kim Brewer, senior vice president of development, said are “a luxury expansion of UTC.” Kim Brewer SVP, Development Unibail-Rodamco-Westfield “We had always envisioned kind of this last piece to close off that portion of the (shopping) center, and so now we’re advancing and starting that project,” Brewer said. “We continue to invest in the shopping center because it’s a world class shopping center for sure.” The expansion will entail construction of a 30,000-square-foot building and an adjacent 20,000-square-foot building with new shops and two restaurants – one restaurant on the ground floor level and another restaurant on the second level at the top of an escalator that leads from a drop-off for valet parking. “Those two new buildings will have amazing high-quality finishes” with the design details up to the tenants. Brewer said that 80% of the new space has been leased, but she declined to name the new tenants, adding that they would be on a par with the existing shops and restaurants. UTC provides “a different level of food and beverage” and “really unique, first-to-market retail,” Brewer said. “We really custom tailor all of our design, all of the amenities, the merchandise, to the market we’re in. You see some centers that are kind of cookie cutter, everything the same – the same retailers are in.” https://lnkd.in/gMyrYPD9 #construction #retail #malls #shopping #development #commercialrealestate

Major department stores now occupy less than half of all anchor spaces at enclosed shopping malls, according to real-estate advisory firm Green Street, which claims that there are roughly 500 vacant department-store spaces nationwide, not counting 150 impending store closures over the next three years announced by Macy's. this is a repost. it's time for a very big discussion re: the future of space, malls, replacement, redevelopment, redesign, refurbishing, re-thinking and every other "re" we can think of.

Sydney Spectra: Plates Enriching Shopping Malls! In Sydney, where diversity and style converge, shopping malls aren't just destinations; they're hubs of experiences.Curated by the visionary mall manager Olivia Anderson, this shopping mall isn't just about retail; it's a journey of exploration.What graces the ambiance? Crazy Metal's Stainless steel color plate. Infusing vibrancy, embodying versatility, and echoing Sydney's vibrance, these plates redefine the essence of shopping spaces. Shoppers don't just browse; they immerse themselves in environments where each color plate adds a touch of contemporary allure to their retail journey.Shop in Sydney. Where spectra enrich shopping malls. #SydneySpectra #PlatesEnriching #CrazyMetalCraft

In the dynamic world of Soho retail, change is the only constant. Despite strong demand, we've seen a 0.7% increase in availability, reflecting a nuanced shift in the market. Interestingly, most of the newly available storefronts are smaller spaces situated outside of the main Broadway corridor. This trend underscores the evolving nature of Soho's retail scene, where businesses are exploring alternative locations beyond the traditional hotspots. As a result, there's a diverse range of opportunities emerging for retailers looking to establish their presence in this iconic neighborhood. #SohoRetail #RetailTrends #CommercialRealEstate #NYCShopping

Transforming challenges into opportunities: What's the future of vacant grocery stores and big box retail spaces here on Long Island? In the evolving landscape of retail, the shift in consumer habits presents an opportunity for innovative retailers. The sight of large, vacant big box stores and grocers is becoming increasingly common here on the Island, but within these spaces lies the potential for creative reinvention. For forward-thinking retailers, these expansive spaces offer a canvas for creativity. From stores that blend shopping with entertainment, to multi-purpose venues that house a mix of retail, restaurants and even fitness and entertainment centers, the possibilities are boundless. The key to unlocking these opportunities lies in thinking beyond traditional retail. By integrating technology, community engagement, and sustainability, retailers can transform big vacant stores into vibrant hubs that attract a wide audience. Moreover, repurposing these spaces contributes to sustainability efforts by reducing the need for new construction and revitalizing communities. As a commercial real estate broker specializing in retail, I'm here to guide you through the process of finding and transforming large vacant spaces into your next success story. Let's explore the possibilities together and redefine the future of retail. If you're in search of innovative ideas or site selection assistance, don't hesitate to contact me. 631-761-6885 jpacifico@nailongisland.com #NAILongIsland #CommercialRealEstate #Retail #Restaurants #PickleBall #MovieTheaters #BusinessGrowth #LongIslandCRE #Community #HealthClub #LetsGetCreative

The top 25% of U.S. malls average $750 to $1,200 a square foot in sales compared with an average of $150 to $475 at lower-quality malls, according to Green Street, and Simon Property Group is on its way to making America’s oldest climate controlled enclosed mall one of those top-tier properties again. The formula for the once declining Southdale Center in suburban Minneapolis: - Reducing retail GLA. - Bringing in highly performing and luxury retailers, such as Apple Store, Burberry, Gucci, Moncler, Max Mara Fashion Group, Kate Spade, lululemon, Tory Burch, BREITLING and Coach. - Replacing all defunct and underperforming department stores with non-retail anchors like Life Time Inc. (upscale fitness) connected to a co-working facility, Kowalski's Markets (a local high-end grocer) and Puttshack (a minigolf chain). Macy's is the last standing department store located in the space originally occupied by Dayton’s. Department store chain Dayton-Hudson (now Target) built the mall in 1956. A subsidiary of Equitable Life Assurance Society bought it in the 1970s then sold it to O’Connor in the 1990s. - Spending $400 million for T.A. to attract desirable tenants and rip up floors, rejigger the layout, update the interior from its mid-1980s teal and flamingo-pink color scheme to more modern cherry-wood paneling. - Converting the once iconic 100% retail mall into a live-work-play community. - Bringing in more entertainment-focused tenants to complement the existing AMC Theatres and Puttshack. - Redeveloping or selling parts of the sprawling parking lot and out parcels with income generating luxury multifamily apartments, a Homewood Suites by Hilton, a Shake Shack and an RH. The overhaul of the 1.1 million-square-foot Southdale Center is still a work in progress, with construction noise reverberating throughout the mall but the conversion is promising for what malls can become with ingenuity and capital deployment.