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Real Estate Journal — Shopping Centers — July 26 - August 8, 2019 — 5A
www.marej.com
M id A tlantic
By Kelley Milloy, KLNB Consumer trends are changing how retailers procure new spaces
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e ta i l i s chang ing . Over the past year, the commercial real
retailers are looking at how they can downsize and mod- ernize their store layout. A great example of this is Roll by Goodyear, Goodyear’s new retail experience showroom concept which just opened a location in Rockville, MD, a submarket of Washington, DC. Customers enter a clean, modern space where they can view different products and make their selection. Custom- ers then place their orders on site and set up a time to have their new tires installed at the store, at their home, or place of work. Not only does this play to the convenience demands of today’s consumer, but it is also shaving off a significant amount of money in leasing for retailers. In the restaurant industry, owners are looking for a more efficient use of space as rents
continue to rise, resulting in a smaller commercial real estate footprint that can serve more customers at a rapid pace. In many cases, restaurants are cutting nearly half of their square footage. For example, Lebanese Taverna, a 40-year- old, traditional full-service restaurant brand with 12 loca- tions around the Washington, DC metro area, has seen suc- cess in their newly developed fast-casual concept LEBTAV. They’ve taken the greatest hits of their traditional menu, utilizing smaller retail space paired with a fresh design to adapt to their evolving con- sumer. They have four LEB- TAV locations open today with more on the way. In the DC market, new res- taurants open every weekend. Consumers have money to spend and expect a quality
experience. And they do their research, looking at consumer reviews before making a deci- sion. Experience is a large part of a review. To stake their claim in this competitive landscape, restaurants must not only have exceptional food, but the experience must be top notch. Maydan, a two-year-old res- taurant in the Cardozo neigh- borhood of Washington, DC, was intent on developing a one-of-a-kind experience for their audience – starting first, with the real estate. From creating a sense of discovery with the alleyway entry at the revitalized Manhattan Laundry building, to design, layout of the space and live fire hearth centerpiece, Maydan created an escape for diners that has gained them national notoriety in publications like
Bon Appetit, Esquire, GQ and Food & Wine. Consumers and market trends are changing the way retailers and restaurateurs look at real estate and as a result brokers need to adapt. Sometimes finding a perfect space for a tenant means en- gaging with a property owner who wasn’t on your radar, or a landlord who wants to turn an unused B/C class office space into a sought-after amenity. Clients are looking for their brokers to do more than close deals, they want them to get creative, find more efficient uses of space, and help execute on their vision. What will set you apart is taking the time to help your client foster the experiences consumers are hungry for. Kelley Milloy is a retail specialist with KLNB.
estate indus- try has seen an evolution in the way c o n s ume r s are impact- ing our busi- ness. Trends in how con- sumers shop
Kelley Milloy
and eat are changing how retailers procure new spaces for their stores and restau- rants, and how they build, or in some cases renovate, those spaces. The name of the game is to create an experience for your customer. This trend is sweeping the nation and we’re seeing it trickle down into the Washington, DC market in big ways. Traditional, brand name
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