CREJ

August 2019 — Retail Properties Quarterly — Page 23 www.crej.com COLORADOSYMPHONY.ORG S E P T E M B E R Bobby McFerrin with the Colorado Symphony Chorus SEP 7 SAT 7:30 Bobby McFerrin, vocalist Colorado Symphony Chorus, Duain Wolfe, director Kristin Chenoweth in Concert with Colorado Symphony SEP 14 SAT 7:30 Kristin Chenoweth, vocalist Rick Steves - A Symphonic Journey with the Colorado Symphony SEP 15 SUN 2:00 Bertie Baigent, conductor Rick Steves, narrator Opening Weekend: Mendelssohn Violin Concerto featuring Yumi Hwang-Williams SEP 20-22 FRI-SAT 7:30 Q SUN 1:00 Brett Mitchell, conductor Yumi Hwang-Williams, violin Latin Beats: Sonidos de las Américas SEPT 25 WED 7:00 Bertie Baigent, conductor In partnership with the Mexican Cultural Center and Denver Arts & Venues Rhapsody & Rhythm: The Gershwin Concert Experience SEPT 28 SAT 7:30 Christopher Dragon, conductor Michael Andrew, vocalist Natalie Cordone, vocalist Richard Glazier, piano O C T O B E R Tchaikovsky Symphony No. 4 conducted by Brett Mitchell OCT 4-6 FRI-SAT 7:30 Q SUN 1:00 Brett Mitchell, conductor Jason Shafer, clarinet The Goonies in Concert OCT 11 FRI 7:30 HalfNotes Christopher Dragon, conductor MPAA Rating: PG © 1985 Warner Bros. Inc. All Rights Reserved . Music of Selena OCT 12 SAT 7:30 Christopher Dragon, conductor Isabel Marie Sánchez, vocalist Dvořák Symphony No. 7 OCT 18-20 FRI-SAT 7:30 Q SUN 1:00 Alexander Shelley, conductor Cicely Parnas, cello Verdi Requiem – 35 th Anniversary Celebration Colorado Symphony Chorus OCT 26-27 SAT 7:30 Q SUN 1:00 Brett Mitchell, conductor Amber Wagner, soprano, Jennifer Johnson Cano, mezzo Issachah Savage, tenor, Aleksey Bogdanov, baritone Colorado Symphony Chorus, Duain Wolfe, director 2019/20 season presenting sponsor also supported by HalfNotes Please join us for family-friendly activities 1 hour before the concert. These performances include FULL SCREENING OFTHE FEATURE FILM! A s broker, I often tell people that we are not necessarily in the real estate business alone rather we are in the informa- tion age. And knowing what to do in order to help others should always be howwe prioritize our work and in our reality, real estate (listings, commissions and clients) is just how we keep score. If you a retail specialist and busy with deals, you are mostly on a team and probably will need to lean on someone who resides on top of the box in your organization for market guidance and preparing for the coming changes in order to stay in tune with new or more transactions. Now is that time. First off, after a great run in our industry for the past decade, we are nearing the top of the market and compression already is setting in, growing is slowing and, with the flip of a light switch, our retail market will change. It may seem like the market is on a dimmer switch but just wait – the last “click” is near. As a “curb high guy,” the trends of residential have been long intertwined with retail, and far more people are wishing to identify with the neighbor- hood that they live.This translates to more local shopping and less atten- dance at the declining B and C shop- ping malls. It is as always.The Class A will remain strong especially through the holiday season.While the fear of the retail apocalypse pretty much ended, plenty of stores still closed last year. Downsizing from the likes of Sears, JCPenney plus the bankruptcies of Payless Shoes andToys “R” Us left a lot of large locations empty.The brick-and-mortar shrink, however, has seemed to slow if not bottomed out. Since then, we are already experiencing a smaller footprint for stores as online ordering drifts into retail stores and can save the consumer valuable time and money, especially if they can preplan and not have to pur- chase on an urgent or convenience basis. In addition, look for the evolution of community space to take over and offer the consumer reasons to stay lon- ger in the store on a more personalized experience level, one that we have yet to see unless you hire a high-end per- sonal shopper. This is to be balanced with the younger consumers still starving for an experience, so sticking to the staples of the consistent grocery-anchored center, Class Amalls, outlet malls and open-air shopping among main-street corridors will remain strong as unique niche spaces are developing. In order to create that experience, we will need to look in new or rebranding areas for more in store experimental product launches, a better rewards pro- gram or one that is used throughout multiple linked brands. Loyalty will be the battle ground, so automatic cou- pons and discounts tailored to your personal purchases will be evolving. Yes, be prepared for additional online retail stalking, as consumers trade out their personal data for a more enhanced and feel-special experience. Retailers are finally realizing that per- sonalization is more than just targeted emails to customers. One example of this is to expand the customer shopping experience by introducing marketplaces within physi- cal spaces, to bring different, tailored brands under the larger umbrella of an established retail enterprise.This part- nership works for all parties involved: Retailers and malls gain merchandise diversity, the smaller companies can avoid expensive leases as they benefit from physical store space, and con- sumers reap the rewards of a more robust in-store venture. Combine this with an integrated rewards program and one will start to see the strength in co-marketing. Locally in the greater Denver area, developers are emerging with more mixed-use projects, trying to overcome what once was affordable, then rela- beled obtainable, housing.The infill era is slowly running out of raw land devel- opment and moving more into a repur- posing position. No matter how they develop, both strategies know the only true solution for housing is build up! At least density can slow if not drive down the affordability of the residential market that is required to support our retail market. Start looking for the solution of loca- tion to come out of our Class B and C submarkets.These areas already are being sought after by developers looking to fill their retail needs with off-price sellers, taking advantage of convenience, uniqueness while trying to hold on to long-established cultures of emerging areas.These positions are driving a rebirth of retail on a more local and individualized level. People are becoming more known by where they live and identify more with that rather than the tradition job or career associations. Today’s mixed-use tends to mean less retail and more neighborhood services. So, while the large-box stores are joining mall anchors in a disap- pearing act, the “localvore” culture is the emerging replacement. Just look at the Edgewater,Wheatridge,Welby, East Colfax or the Morrison Road corridor as this trend already is imprinted and starting to grow in these new areas. The need to be identified with a com- munity is a strong one and these areas are where it is occurring. s What does a land broker know about retail markets? Tom “TJ” Kaufman Executive director of land and investments, Antonoff & Company Brokerage Look for the evolution of community space to take over and offer the consumer rea- sons to stay longer in the store on a more personalized experience level. Retail Trends