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8C — September 27 - October 10, 2019 — Fall Preview — M id A tlantic
Real Estate Journal
R etail C onstruction By Tim Hanifin, Graycor Embracing disruption in the world of retail
D
riven by technologi- cal advancements, disruption has been
looking for modern conve- niences that include a one- stop-shop as well as a place to experience something fun and exciting. For retailers they can ei- ther make the changes that will meet consumer needs to stay relevant and profitable or succumb to their demise. Whereas for shopping cen- ter developers, it’s about building new experiential retail centers or redevelop- ing portions of their cen- ters to include experiential elements that offer dining, entertainment and event ex-
transformed the center into a more appealing and invit- ing place for the community with its improved ameni- ties, and Graycor was able to use its “live environment” approach to keep the mall and all stores open during construction. When shopping centers tackle redevelopment proj- ects such as these, one of the biggest challenges is the need to keep stores op- erational throughout the process. “How to do the work” then becomes the focus. It’s extremely important that the
periences. In some instances, an upgrade to a retail center may make the most economic sense, where the goal is to modernize the retail center into a more attractive place for members of the commu- nity to gather. At Short Pump Town Cen- ter in Richmond, VA, owner Forest City Enterprises en- gaged Graycor to demolish and replace a pedestrian bridge and fountain, replace brick pavers, relocate es- calators, and add a feature elevator, fireplace, pavilion and trellises. The renovation
customer experience remains positive during construction. That means maintaining ac- cess to mall entrances, retail spaces and loading docks during construction. Graycor’s Live Environ- ment work methodology has been successfully applied to shopping centers across the country for major owners like Simon Property Group, Brookfield Properties Retail Group, Forest City Enter- prises, Westfield Corpora- tion, Regency Centers and Starwood Retail Partners. As we continue to see a stream of store closings or downsizing from major retailers like JC Penney, Macy’s, Sears, Carson Pirie Scott and Kmart, among oth- ers, shopping centers owners find themselves in a unique position. The challenge be- comes backfilling the large vacancies in an environment where most large chains are shrinking. However, the opportunity allows own- ers to re-use and reposition shopping centers into enter- tainment destinations, with movie theaters, restaurants, grocery retailers and fitness centers to complement expe- riential retail stores. Graycor is currently build- ing new entertainment des- tinations at retail centers: Cinemark Theatres in Watc- hung, NJ and Wayne, NJ, as well as Kerasotes Showplace ICON Theatre at The Boro in McClean, VA. ShowPlace Icon at The Boro is part of Kerasotes’ multi-theatre expansion program that is being delivered by Gray- cor and design firm STK Architecture to shopping centers coast-to-coast. Gray- cor brings its considerable resume in theatre construc- tion, partnering with local subcontractors to construct high quality theatres that offer luxury and state-of-the art digital technology to en- hance the movie going expe- rience at retail destinations. In some cases, redevelop- ment of existing space can be straightforward without hav- ing to complete major struc- tural work to accommodate new uses. However, there are some cases where the redevel- opment can take on a life of its own and become a highly com- plex process that requires an experienced project team that continued on page 20C
transform- ing nearly e v e r y i n - dustry out there, from retail to lo- gistics and distribution to manufac- turing. The
Tim Hanifin
retail market is undeniably experiencing an incredible rise in e-commerce. It is also an industry that is consumer driven. Today’s shoppers are
Coast-to-coast, Graycor Construc�on Company provides over six decades of excellence to the shopping center, retail and entertainment industry. Clients benefit from our financial stability, a vast network of resources and a strong commitment to safety. Graycor’s Con�nuous Improvement Process and The Graycor Way ensure our projects are delivered with the highest level of quality and consistency across all markets and geographies. ENR SOURCEBOOK TWENTY-NINETEEN TOP 25 RETAIL 20 TOP GENERAL BUILDING CONTRACTOR ENTERTAINMENT CONTRACTOR
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