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— Retail Properties Quarterly — August 2017

www.crej.com

Contents

Letter from the Editor

T

he acceptance that we are in

the midst of a structural retail

shift is a theme of this issue.

Not only do experts seem to be

in agreement that this evolu-

tion is taking place, but also they agree

that this does not

mean the death of

retail as we know

it. Brick-and-mortar

stores are here to

stay, as long as

they’re willing to

adapt to continue to

cater to a changing

consumer base.

This issue kicks off with a section

about the state of retail. Articles on

Pages 4-14 examine the retail outlook

and share statistics, insights and pre-

dictions for the question on many

people’s minds: Is brick-and-mortar

retail on life support?

The outlook for Colorado is rather

sunny, assuming the types of tenants

occupying this real estate will continue

to change as the market learns a new

equilibrium that embraces more expe-

rience-based retail.

The other articles within this issue

also touch on these evolving customer

needs. From leasing to marketing and

managing, one driving force behind

retailer decisions is how to turn a loca-

tion into a sought-after destination

that draws consumers.

Capital One is trying to do this with

its new real estate locations, Capital

One Cafés.The concept aims to rede-

fine how consumers interact and think

about visiting their bank. Apparently,

this shakeup is overdue. According to a

recent study, 71 percent of millennials

said they would rather go to the den-

tist than go to their bank.

On Page 22, a grocery veteran

addresses the possible impacts Ama-

zon will have on the supermarket

competition. He challenges grocers

to take a page frommovie theaters,

which were threatened by movie

rental stores and streaming options. If

supermarkets can reinvent themselves

into places that consumers want to

visit, the threat of Amazon, or any

other internet-based grocery option,

won’t be that impactful.

And finally, within Colorado’s packed

brewery market, it seems safe to bet

on the ones that offer unique experi-

ences and atmospheres.The article on

Page 20 states that a brewery without

an interesting atmosphere, regardless

of the number of taps it offers, will feel

like any other restaurant and bar – crit-

ically impacting its ability to succeed

in the tight market.

As many of these new shopping

center tenants change their operating

habits to entice consumers, shopping

center owners might want to reconsid-

er certain standard lease provisions, as

attorney Heather Park Meek outlines

on Page 16, in order to best protect

their assets.

Michelle Z. Askeland maskeland@crej.com

303-623-1148, Ext. 104

Questionof the issue: Isbrick andmortar on lifesupport? Pipeline, employment growth are promising Cameron Flint Denver market offers support for retail opportunities Drew Isaac It’s all about food and fitness in the Pikes Peak region Tiffany Colvert Store closures result from more than just internet Stuart Zall and Seth Goldstein Millennials want evolved malls, not no malls Larry Thiel and Brian Landes Reimagine the uses for big-box vacant spaces Gannon Roth Resurrecting retail: Leasing issues to consider Heather Park Meek Designing banking locations for the digital age Matt Rowan Craft brewing makes big impact on retail real estate Ray Rosado and Pamela Flora Supermarkets must enhance shopping experience Howard Gerelick Centers need to differentiate from e-commerce Danaria Farris McCoy Help your quick turnaround TI projects succeed Corey Nook 4 6 8 10 12 14 16 18 20 22 23 24