ED Now

IEDC’s 2023 Annual Conference will be held next month in Dallas. A few of our conference speakers shared some exciting economic development projects happening in the region.

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.

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 ...

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.

Last year malls were reinventing themselves with dining, entertainment, and service anchors – microbreweries, gaming lounges, medical clinics, yoga studios, and gyms – all of which have been adversely affected by social distancing rules. What are malls and retail centers doing now to stay in business? Two examples in Wilmington, N.C., show that adaptation is essential. Mayfaire Town Center had to temporarily close a movie theatre and trampoline park and is now filing for bankruptcy. Across town, Independence Mall is transforming into an indoor-outdoor shopping center and will be anchored by a Lidl, Five Below, and Dick’s Sporting Goods, which follows the trend of supermarkets and discount stores moving into malls. Malls ...

In a carefully researched analysis documenting the transformation of the retail sector to a marketplace dominated by national chains and e-commerce, Atlantic author Derek Thompson ends up writing a short-term obituary for cities that lose their appeal as urban neighborhoods forfeit their quirky charm and social distancing strips downtown amenities of their character. For starters, the covid-19 pandemic is accelerating “the retail reckoning” in a nation that in 2015 had 10 times more shopping space per capita than Germany. Store closures reached all-time highs in 2017 and 2019, and this year could mark the death of the department store, a development that would further exacerbate malls’ woes, Thompson writes. The economic ...

It seems every month we hear about more retailers closing their doors or downsizing in a big way. Toys “R” Us, GNC, Payless ShoeSource and many others come to mind. Last week, cultural icon Macy’s announced it would shutter 125 stores and lay off about 2,000 workers. No doubt these retailers have suffered due to the continued growth of online shopping. With amenities including free shipping, free returns, almost limitless selection, 24/7 access and aggressive pricing, it’s certainly difficult for brick-and-mortar stores to compete.