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Mid Atlantic Real Estate Journal
Mid Atlantic R eal e state J ouRnal Publisher ............................................................................linda christman Publisher ...............................................................................Joe christman Section Publisher ................................................................elaine fanning Section Publisher ....................................................................Steve Kelley Senior Editor/Graphic Artist ................................................ Karen Vachon Office Manager ...................................................................Joanne Gavaza Guest Columnist ................................................................H. Gary Gabriel Mid Atlantic R eal e state J ouRnal ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 25 Issue 13 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY mare Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
By H. Gary Gabriel Changing Face of
Retail Likely to Spur Real Estate Revolution
W
hen it comes to retail real estate invest- ment, there currently
exists a massive spread be- tween what the capital markets community wants (i.e. grocery- anchored properties) and the category of “everything else.” That said, investors in the near term are going to have to begin looking at product differently, based on how people will shop in an increasingly ecommerce world. In the late 1990s, at the beginning of the Internet age, everyone decided that retail as we know it would cease to exist. Webvan would eliminate the need for grocery stores altogether. We all know how that story ended. Retail real estate clearly has not become a “dinosaur,” but ecommerce does continue to chip into traditional brick-and-mortar sales. According to Forrester Re- search, Inc., ecommerce sales in the United States will reach $262 billion this year, up 13% from 2012 and accounting for
8% of total retail sales. The For- rester report further predicts that ecommerce will grow at a compound annual rate of 9% through 2017. To compensate, retail formats are on the cusp of dramatic change, in terms of what a prototypical store will look like from a size perspective and how goods will be delivered to consumers. How will e-tailing, traditional retail and consumer shopping patterns intersect moving forward? The answer remains to be seen, but it likely will create an interesting shift in demand for what today are considered to be second-tier
assets. For example, the Internet has measurably impacted sales of hard goods at supermarket grocery stores, which is chal- lenging this favorite category. Chains like A&P, ShopRite and Safeway, to name a few, are in- corporating more perishables, organics and other items that cannot be ordered online. High- end and specialty concepts, like Whole Foods, Trader Joe’s and green grocers, are expanding rapidly but in smaller foot- prints than their traditional competitors. Further, it used to be that
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