Real Estate Journal — Shopping Centers — September 28 - October 11, 2018 — 3B


M id A tlantic

S hopping C enters Metro Commercial

Take-Aways from the ICSC Philadelphia Retail Deal- Making Conference. Perspective fromRookie Agents

he ICSC Philadelphia Retail Deal-Making Conference was held at the Pennsylvania Convention Center on September 5th & 6th. Every year, Metro Com- mercial sends an army of retail real estate agents and staff to learn a few things, meet some people, talk retail and discuss deals! This year, Metro is in- troducing the world of ICSC to three new “Rookie” agents who are being trained and mentored by seasoned Metro agents. Metro’s Rookies are trained for 12 months and are assigned to a couple of agents to be trained in Tenant Repre- sentation and Agency Leasing. At the end of Metro’s training program, our Rookies gradu- ate to Sales Associates and are ready to represent our tenants and landlords in structuring commercial lease and sale agreements. Here’s what our Rookies had to say about their experience at their first retail real estate conference. Views on Owners & Landlords Retail real estate owners continue to adapt to changing consumer habits and how they shop for goods and services. In reaction, there is a continued focus on leasing to experiential tenants such as fitness, office sharing, and entertainment to attract more consumers to fill vacant space and drive traffic to their shopping center. Own- ers are noticing the consumer mindset has also been evolving for Millennials and Gen Z, and how they prefer to pick up their goods, relative to time. Millen- nial’s and Generation Z want their retail purchases imme- diately, not wait 2 days for it. In the news, we hear about the e-commerce world of shop- ping and how it is growing at an exponential rate, however, when you are gauging a small amount of people in a study such as this, you are going to see larger percentages as more people transition to e- commerce shopping. What they don’t account for is how small that piece really is in the grand scheme of total retail purchases. E-commerce retailers today are doing something differ- ently than ever before, which is opening brick and mortar stores. Why? They have real- ized that today’s consumer would like to be able to see and feel what they are pur- chasing. A few retailers that T

– Jonathan Spoerl View on Retailers The 2018 ICSC Philadelphia Retail-Deal Making Confer- ence seemed to revolve around a central theme: the need for retailers to evolve with society in order to remain competi- tive and essentially, survive. An increasing number of ten- ants have departed from the big-box merchandising busi- ness model to provide unique services rather than physical goods. In traditional suburban malls, these tenants, such as colleges, fitness spaces, grocers and even trampoline

parks, are capitalizing on the expansive, vacant spaces left behind from waning big-box retailers. This experiential re- tail is becoming more prevalent due to increased demands from Generation Z and Millennial consumers. In the past, tenants solely operated via brick and mortar. To maximize market presence, tenants need to integrate al- ternative forms of consumer outlets for a more holistic shopping experience. Omni- channel commerce involves cohesively and simultaneously continued on page 24B

started as e-commerce retail- ers that now sell in physical stores include; bonobos, Away Travel, Allbirds, Amazon and Warby Parker. Selling to the consumer through multiple Jonathan Spoerl

Michelle Langborgh Alexander Dawejko

channels makes sense given that successful retailers have launched an omni-channel sales approach which connects them to the consumer wher- ever and however they shop!

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