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Communities, developers, and real estate asset managers will continue to need to reimagine and reinvent shopping malls into mixed-use redevelopments. The availability of large amounts of land, building space, parking capacity, and typically superior access to roadway connections, provides the physical resources to transform malls from predominantly single-use spaces to a dramatically more varied mix of uses.

What is the connection between outdoor recreation and economic development? How can having fun outdoors help communities prosper and grow? Communities, businesses, and states across the U.S. are both asking and answering these questions central to competitiveness and quality of life.

IEDC recently held a webinar titled “Truth, Myth, and Mystery: Making Sense of Real Estate Today” based on the latest report from the Economic Development Research Partners (EDRP). The speakers discussed the latest trends in real estate for economic developers to know from multiple perspectives. Economic developers risk irrelevance in industrial real estate unless they keep up with the best practices in site marketing and preparation, according to Courtney Dunbar, CEcD, EDFP, AICP, director of site selection at Burns & McDonnell. Dunbar explained the importance of preparing and organizing due diligence material for potential buyers so they can quickly assess the suitability of the site. Clear labeling of key components of ...

The past year has brought with it many uncertainties, but according to Michael Berne of MJB Consulting, one truth to hold onto is that downtowns and brick-and-mortar retail are not dead but here to stay. Right now, less than 10 percent of all e-commerce is retail-related, which can be attributed to the high costs associated with online retail as well as a finite amount of consumer demand for these products. While internet shopping can provide a more convenient alternative to shopping malls, downtown shopping areas remain a source of innovation and creativity which sites like Amazon and others are not able to match. An important aspect of downtown shopping areas is their ability to house Central Social Functions (CSFs), which facilitate ...

The COVID-19 pandemic has brought new perspective on how we live our lives and what is most important. Nothing reminds us of our need for socialization more than losing the ability to socialize for weeks or months at a time. As independent-minded as we so often are in good times, this challenge has helped us realize that our community is critical to our success. Reflecting in isolation and quarantine forced many of us to realize just how important our entire community is to our mental, physical, social, and economic well-being. We miss casual conversations with our neighbours, but we have also come to realize just how important it is to know our neighbours and to look out for each other. You may have dropped food at the door of someone in ...

A recent webinar on bringing back downtown retail after COVID-19 outlined strategies to revive downtowns, including smaller downtowns. The pandemic was not an “extinction-level event” for downtowns, said Michael J. Berne, president of MJB Consulting, adding that “it’s been quite striking how well they’ve gotten through this.” The unique, often historic location of downtowns can protect downtown retailers from e-commerce. E-commerce is more of a threat to shopping centers than to downtowns, according to Berne. Smaller downtowns are more tied to a town’s overall economic well-being and subject to a smaller population and labor force. N. David Milder, founding editor of The American Downtown ...

As part of IEDC’s Take Action Against Racism in Economic Development series, the COVID-19 Equitable Economic Recovery for Cities, Local Governments, and Municipalities webinar explored why a focus on equitable recovery is so important, and how to take meaningful action. Tunua Thrash-Ntuk, executive director of LISC Los Angeles, led the discussion by exploring the three P’s set out by their Equitable Economic Recovery Toolkit, designed to “provide local cities and municipalities with tangible steps to ensure that their COVID-19 recovery is as equitable as possible.” The first of these three P’s is Place. Prior to the pandemic, an important way small businesses attracted customers was through their physical ...

Prospects for shopping malls post-Covid are mixed. On the one hand, the pandemic has accelerated the expansion of e-commerce, a trend that will likely continue beyond the crisis. The same pandemic, however, has also stirred talks of a “renaissance of malls” as people become more eager to gather in public spaces and spend money after more than a year of lockdowns and social distancing. A future for shopping malls exists for those willing to transform.