May 2016 — Retail Properties Quarterly —
Page 23
meant “mom and pop” and/
or “limited creditworthi-
ness,” but as retail is getting
more sophisticated, so are
the retail operators.
Identifying a concept that
might only have a single
unit, but has financial sup-
port for three to five more
units, could be exactly the
type of tenant to target for
your next retail project.
In the last five years, there
has been an increasing
interest in pop-up and “mar-
ketplace” retail space. While
this type of retail drives
traffic in the short term,
unless the concepts rotate
on a regular basis or create
a significant anchor for your
project, interest in this type
of retail tends to wane over
the long term. In addition,
depending on organizational
size and capacity, manag-
ing these retail spaces tends
to require more dedicated
oversight and resources, rel-
ative to the management of
a traditional retail tenant.
When it comes to deter-
mining the exact ratio of
national versus local ten-
ants to create a vibrant
retail mix, there is no one-
size-fits-all. However, if your
project is in a highly com-
petitive market or not gain-
ing the attention of national
retailers, there often are
great local and regional con-
cepts that may work better
to drive traffic to your retail
project.
With national retailers
opening fewer brick-and-
mortar locations, the most
successful developers gen-
erally are those who create
a market-appropriate mer-
chandising plan early in the
development process and
get creative regarding their
tenant mix.
s
in Denver.
The alley’s features will
intentionally engage the
senses, inviting visitors to
explore the block’s offer-
ings in comfort. Visually,
the block’s eclectic lighting
elements are planned to
evolve as visitors walk down
the alley, and the walls will
incorporate art. The building
elements also will contribute
to the visual appeal, as one
side of the alley will be the
block’s historic buildings,
while the other side will be
balanced with the project’s
new construction.
Outdoor music will play in
the alley, and the tenant mix
of “makers” will contribute to
the atmosphere not only in
the sounds as they perform
their crafts, but also with
pleasant smells and tastes
from the restaurant offerings.
The project partners have
even considered the often-
overlooked sense: touch. The
alley will feature comfort-
able seating options and
will include radiant heating
underneath the pavement
to prevent snow pileup dur-
ing the winter months. Every
element of the alley has
been handpicked to appeal
to visitor comfort, creating
an engaging space that will
serve as a destination in
Lower Downtown.
By their very nature, acti-
vated alleys have the poten-
tial to continually draw visi-
tors to a community gather-
ing place. Through engaging
design elements, the right
mix of retailers and inten-
tional programming, acti-
vated alleys should provide a
unique experience each time
a guest visits the space.
s
Mix
Alley
All facets of the city block should complement the alley's offerings.
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