“The Golden Age for Lifestyle Centers” By Joe Gose Ellen Anderson Jamie Pryse Megan Gilmore.

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Presentation transcript:

“The Golden Age for Lifestyle Centers” By Joe Gose Ellen Anderson Jamie Pryse Megan Gilmore

Overview Definition Background Popularity Costs Development Criteria Opportunities Challenges Examples

What is a Lifestyle Center? “Generally defined as open-air shopping centers that mix national retailers with local boutiques that aim to provide upscale shoppers with convenience, but the concept is evolving” “A shopping center or mixed-used commercial development that combines the traditional retail functions of a shopping mall but with leisure amenities oriented towards upscale consumers”

ISCS Shopping Center Definitions

Background: Lifestyle Centers According to International Counsel of Shopping Centers (ISCS), developers in U.S. have built 100 lifestyle centers since 1997 By end of 2004, about 140 lifestyle centers open First opened more than 75 years ago in Kansas City Predict, 30 new lifestyle centers opening annually for the next five years

Popularity of Lifestyle Centers Convenience Access Parking Sense of place Ambiance Landscaping Music, street side entertainment Architectural embellishments Business Week Video

Costs: Lifestyle Centers Properties generate average returns of % Less common area maintenance (CAM), about 1/3 less than mall retailers Costs about 1/3 of what it takes to build a typical enclosed mall Sales per square foot greater than those of malls

Development Criteria: Lifestyle Centers Built in neighborhoods where at least 40,000 households have more than $75,000 annual income Must incorporate architectural embellishments ranging from courtyards and fountains to distinct exterior finishes Details can cost $200 per square foot or more Location, Location, Location!

Opportunities: Lifestyle Centers Centers generate sales per square foot 22% higher than malls Lower occupancy cost If Wal-Mart can thrive in communities with population of 50,000 then lifestyle centers can also thrive in small markets Mix of big box components to centers create hybrid lifestyle centers Trade area Traffic

Challenges: Lifestyle Centers Shorter lease agreements 5 yr. agreements v. 10 yr. agreements Exposure to competition Lifestyle concept attracts developers who possess no lifestyle experience Developers have little control over who occupies lease space

Old Mill District, Bend OR: Lifestyle Center Old Mill District Homepage

References 4A 4A _200411/ai_n _200411/ai_n Dunne & Lusch, Retailing. 5. New York: Thomson Southwestern, 2005.