Retail is changing – you are seeing smaller store footprints, the lure of discounters, the optimizing of the relationship between stores and digital, the rise of fitness and health as main-line retail, entertainment and, one of my favorite retail buzzwords, experiential retail. You can’t read an article about the future of retail without talking about this experiential revolution.
Many people have wondered whether or not online shopping would affect the retail market. Some might say this is accurate, while others will say it helps land specific retailers to open up more locations. This past year Mizzen+Main opened its first Oklahoma store in Oklahoma City, located in Classen Curve.
How will the future of retail impact Amazon's growth? We all know that Sears is dying; it’s been dying for the last 25 years. Will Amazon go the way of Sears? People tend to forget how big Sears was in its day. In the ’60s, '70s & ’80s, Sears was dominant in a way Amazon could only hope to be dominant. Those of us over 50 years old all shopped there and most likely ordered our back to school clothes from the Sears catalog. Sears, founded in Chicago in 1893 (yes, 1893!), was well-situated to continue its dominance at the start of the internet era.
RECon, the International Council of Shopping Centers’ (ICSC) annual real estate convention, was held a few weeks ago in Las Vegas. The conference saw more than 30,000 attendees including retailers, brokers, and developers. My key takeaways from this year’s conference include:
What types of retail tenants are thriving in our market? Fitness, Food, Fun, and Fashion Discounters.
As with the recent opening of the large and luxurious Lifetime Fitness at Quail Springs, the highly anticipated opening of Oklahoma City’s Costco will have a significant impact on the sales of other retailers throughout the Oklahoma City metropolitan area.
Of course, Sam’s Club is likely to take the most significant hit, but because of the number of Sam’s Clubs in the metro, they will be able to absorb the anticipated sales reduction.
Are you a first-time tenant wondering how the leasing process works? Click here to see our tips for a low-stress leasing process.
As an agent for office & retail spaces, I get asked about the leasing process often. I have drafted the guide below to help first-time tenants navigate that process more confidently.
Price Edwards and Company was honored at the Commercial Real Estate Council Conference on February 28, hosted by the Journal Record. Brokers with Price Edwards received four out of the eight available "Transaction of the Year" Awards for the industry, including Office Sale Transaction of the Year, Office Lease Transaction of the Year, Retail Investment Sale Transaction of the Year, and Retail Lease Transaction of the Year.
Retail Investment Team Brokers $9,600,000 Shopping Center Sale
The Price Edwards Retail Investment Team is proud to announce the sale of Casady Square in The Village, Oklahoma. GRP Investments Investments, LLC purchased the property from MVP Casady, LLC for $9,600,000. The shopping center consists of 136,772 square feet situated on 8.43 acres of land. Casady sold for $70.19/SF at an 8.51% CAP rate.
Overall market occupancy equaled 92 percent at year-end 2018, unchanged from a year ago. This confirms that there has been little overall movement in the aggregate market but belies all the activity behind the numbers. The underlying fact is that retail continues to grow, both nationally and locally. We added 650,000 square feet of space in centers over 25,000 square feet this past year, maintained occupancy, and, for the most part, rents.