Our time at ICSC may have been brief, but boy was it fruitful. In addition to hosting a live webinar, we picked up a few tidbits that may help you get deals done in the year(s) to come. Hopefully your time and ICSC was just as successful. See you next year!
1. Credit is now more important than location for single-tenant properties
Wasn’t sure we’d ever see the day, but coming out of this latest economic slump, credit has become much more essential to the retail industry than location if you’re looking at single-tenant space.
2. The big guys are reinventing themselves
A lot of big retailers like Wal-Mart, Target and Best Buy are undergoing reinventions and rolling out new concept stores. Wal-Mart’s touting Neighborhood Markets, Target is unveiling CityTargets and Best Buy has opened up smaller spaces called Best Buy Mobile. Big box space is less prevalent these days, and many retailers are responding with smaller stores that also enable them to enter urban markets.
3. Deals are getting done
The atmosphere throughout the leasing mall and all the halls was so positive. We hear attendance was up this year, and that this was projected to be the most successful show since 2007. It definitely seemed like deals were getting done on the floor. All you had to do was glance from booth to booth to see filled seats and shaking hands galore!
4. Many retailers are looking to expand
Now may be the best time ever to take advantage of ProspectNow, as dozens of retailers look to expand. Gyms, quick-service restaurants, salons, discount stores and shoe stores are all in growth mode, with many targeting nationwide expansions.
5. REIWISE is the coolestWe just want to thank them once again for being the gracious hosts of Steve’s ProspectNow webinar on Monday. We had great attendance – both online and in person – and were thrilled to meet fellow attendees at their booth. Thanks a million!