6A — May 25 - June 7, 2018 — M id A tlantic
Real Estate Journal
S hopping C enters
By Robert Cohen, Earth Treks Planet Granite The benefits of blending tenants from a variety of industries
R E T A I L
RETAIL BROKERAGE. REDEFINED .
n today’s development market, a focus on col- laboration and community
This is perfectly exemplified in Baltimore’s Union Collec- tive, where a variety of ten- ants are taking over a space in hopes of providing a one-stop locale for people to shop, eat, and recreate. The space, for- merly a Sears Roebuck ware- house, is set to open in May and is expected to attract new local interest in the variety of tenants, which include Well Crafted Pizza, Union Craft Brewing, The Charmery Ice Cream, Vent Coffee Roasters, Earth Treks Climbing and Fit- ness, and Huckle’s Hot Sauce. These opportunities benefit not only the tenants, who re- ceive increased business due
to a variety of cross-traffic, but they also benefit the com- munity as a whole. Along with providing diverse op- tions – which creates a more efficient and exciting shop- ping trip - they also provide a unique experience which goes far beyond that of an average shopping center. A perfect example of a dis- tinct and impactful tenant in the Union Collective space is Earth Treks Climbing and Fit- ness, who is opening a boulder- ing gym in the location. Climb- ing gyms, like Earth Treks, are powerful tenants for these locales - they not only attract a unique demographic, but they also bring them in con- sistently. While a family may go out to dinner once or twice a week, climbers frequent gyms three times per week on aver- age. This foot traffic not only boosts the gym’s performance, but also that of other retailers who benefit when a climber stops in for a coffee or a meal after a workout. Earth Treks, who recently merged with Planet Granite Climbing, Yoga and Fitness, is a prime illustration of the opportunities that lie within the climbing industry, which has been steadily growing in recent years. Nearly four new major gyms opened every month in 2017, and since 2010 the growth rate hasn’t dipped below 6%. Additionally, the merger of Earth Treks and Planet Granite was backed by private equity firm, Tengram Capital Partners, which set a precedent for the rapidly- expanding industry. Invest- ment firms are now seeing the breadth of opportunity that exists in indoor climbing – as new gyms develop nationwide, climbing retail also continues to flourish, growing at 20% per year – with Earth Treks rank- ing as the country’s top indoor climbing retailer. Climbing gyms are perfect tenants for these collaborative spaces, as they meld exercise, climbing, yoga and general fitness in locations that bring people together. Add bars, coffee shops, restaurants and retail and you have a meeting place for local communities that invites people back time and time again. By creating these collaborative spaces, we’re creating newways for re- tailers to flourish while provid- ing places for the community to continued on page 8A
ASSET & PROPERTY MANAGEMENT Bennett Williams provides unparalleled commercial property and asset management service in the Central Pennsylvania region with two Certified Property Managers and an accounting and administrative staff with a combined experience of over 90 years. We have a proven track record of reducing expenses, adding value, maximizing profits, increasing tenant satisfaction and retention.
is key. More modern re- tail centers are incorpo- rating ten- a n t s f r om a variety of industries, and they are recognizing
the benefits that these oppor- tunities offer. These spaces boost tenant success by draw- ing a diverse crowd - attract- ing customers who may have otherwise not have patronized the businesses.
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