Randy Benderson – Innovation in American Retail: Three Compelling Developments

If you have been following the news in retail lately, you know a major shift in consumer sentiment is underway.

Old malls are emptying fast, but when it comes to those which focus on luxury and lifestyle, business has never been better.

Brick and mortar retail is changing in a fundamental way thanks to the Amazonization of the industry: many hard goods are being bought and shipped from internet stores, making it imperative for retail space owners to diversify or perish.

To stay afloat, however, retailers too can move their services online along with improvising on their offline stores so that the customers spend more time and make larger purchases. For instance, they can install a smart retail solution or a similar technology that would help them gain real-time visibility into customers’ behavior. Apparently, it would help them improve and expand their businesses based on their regular customers’ choices and demands.

Randy Benderson saw this coming for years; accordingly, the project he last worked on is thriving, as it took changing consumer sentiments into account.

Other investors in commercial real estate have also taken notice of these trends, as it has also changed how they have approached each retail project they have tackled in the past several years.

Want to see some retail developments which embody this philosophy? Get the scoop in our latest post, which will show off commercial centers which offer Millennials exactly what they are looking for.

1) Hyde Park Village, Tampa Bay, FL

Retail and commercial development in general has seen considerable shifts in recent years, and there is no place where this is more apparent than in Tampa Bay.

The opening of Hyde Park Village has become symbolic of this, as it bears no resemblance to the malls of old – where there used to be soulless concrete and meaningless food courts, gardens, fountains, and dynamic outdoor spaces are now part of the shopping experience.

Situated over seven city blocks in Tampa Bay, this development contains unique and brand name boutiques, as well as some truly magnificent restaurants.

Worried about getting caught out in a heavy shower? Most paths are shielded from the elements, meaning you won’t have to scoop up your belongings and head indoors anytime you feel a drop of rain on your shoulder.

Drawing shoppers from as far way as Sarasota, this outdoor commercial development is not to be missed.

2) The Newton, Phoenix, Arizona

Phoenix has become a hot destination for more reasons than its sultry summer weather, as recent news has made abundantly clear.

It isn’t exactly a scoop or news flash when you consider this city regularly sees highs in the 60s and 70s in the winter, or when you learn it enjoy over 300 days of sunshine per year. As such, Baby Boomers sick of dealing with snow have increasingly made Phoenix their home.

The retail industry has expanded proportionally to this steady influx of new citizens, with new commercial developments popping up in newly constructed neighborhoods and at the bases of recently opened condos.

While it is hard to decide which retail project is our favorite (there are SO many good ones), we’ve settled on The Newton, one of the sharpest lifestyle centers Phoenix has seen in a while.

From ice cream stores which serve up a scoop the likes of which you’ve never had before, to the Changing Hands Bookstore, which is one of the biggest independent bookstores in Phoenix, there are plenty of retail concepts you’ll fall for at first sight.

3) The Mall at UTC, Sarasota, FL

Situated down the road from Tampa Bay in Sarasota, The Mall at UTC is a retail project which commands attention.

Despite its prominence, it almost never made it off the drawing board, as the Great Recession threatened its existence as the news headlines were filled with fear on a near daily basis back in 2008.

By 2010, though, the commercial project got the green light to proceed, as they managed to find investors willing to bet on its success.

Open since 2012, shoppers have come to this gleaming mall in Sarasota to shop at retailers like Macy’s and eateries such as the Capital Grille – judging from the consistent results it has posted since its opening, it looks like it will be open for the foreseeable future.