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What's Coming in 2021 for Retail, Restaurant & Office Builds. Elizabeth Manning. Tue, 01/05/2021 - 17:15. Over the last 7 months, the construction industry has weathered the impacts stemming from COVID-19 significantly better than other sectors—all things considered.
Between 2018 and 2022, Englewood’s national construction work in the cannabis retail industry grew by 100% and we expect that trajectory to continue as more states legalize recreational marijuana use and cannabis firms expand into new markets. That said, state regulations do add some additional layers to the nuts and bolts of these projects.
While that pioneering spirit is still needed today to succeed, the digital age has dramatically changed consumer habits making retailers shift the way they design their stores to keep customers coming in, which means construction industry professionals need the experience and knowledge to complete these projects.
The rise of on-line shopping has been a boon to retailers, but if we are honest, it has been detrimental to commercial general construction, with the closing of many brick and mortar retail stores. That’s why savvy shopping center developers are developing new strategies to compete and win against online retail.
Last month, our Englewood Construction business development team had a great trip to Las Vegas for RECon, the global retail real estate convention hosted annually by the International Council of Shopping Centers (ICSC). It was refreshing to hear RECon attendees be so open to new ideas and more inclusive when it comes to ICSC offerings.
With our firm’s long track record in retail construction, we’ve witnessed firsthand the ebb and flow of activity across this sector over the years. It’s true the retail mix among flagship stores in prime locations is changing. Today, many of those traditional mall retailers have closed their flagships.
Coming out of the International Council of Shopping Centers’ RECon convention in Las Vegas last month, there’s been a lot of conversation in the media around the future of retail development. 2) Vehicles to “Drive” Mall Traffic. 2) Vehicles to “Drive” Mall Traffic.
At Englewood Construction, we’re proud to say we’ve already been “on tour” with American Girl for the last 10 years, working with the popular retail brand to build, remodel and maintain American Girl Place stores across the country. Grand Entrances (And Tight Squeezes).
Earlier this month, the Englewood team headed to Las Vegas for RECon , the global retail real estate convention hosted annually by the International Council of Shopping Centers (ICSC). Big Discussion Around Repositioning Vacant Retail Space. The Online Effect. We came away from RECon 2018 energized and excited.
Reshaping the Retail Landscape. Ever since the economic downturn and subsequent recovery, the commercial real estate world has been alive with ongoing discussion around the future of the retail sector, particularly with e-commerce taking a bite out of the market share of traditional bricks-and-mortar brands.
(Updated 2/20/23) Retail real estate has shrunk over the past three years according to CBRE’s report “ US Real Estate Market Outlook 2023 ”. With less retail construction happening, there is less opportunity for businesses to move into this type of space.
Comparing prices across various retailers isn’t just about finding the cheapest lumber; it’s about understanding market trends and making informed purchasing decisions. These sites often offer features like price history graphs, alert settings for price drops, and direct links to retailer pages.
With a number of traditional retailers closing locations or going out of business, they are leaving millions of square feet behind for redevelopment. Our first experience with this was turning an old Kmart into a mixed-use retail development. This adaptive reuse trend is now extending to abandoned big-box buildings.
If you are a player in the retail world, odds are you spent a few days in Las Vegas last month at ICSC’s “ Global Retail Real Estate Convention ” (RECON). It’s always an exciting event for the retail real estate industry. Here are my three takeaways for retail construction trends from RECON 2014: Money is out there.
High: Remixing Retail. It would be easy to be glum about the future of retail construction given news headlines about major national brands closing locations and mall vacancy rates rising. In 2018, opportunities to reconfigure vacant retail space drove the retail construction sector.
Englewood’s business development team attended ICSC’s CenterBuild conference in December, where conversations revolved around retail activity and opportunities in 2020. Retail Developers Will Play All Sides: .
Activity was up for retail and restaurant construction and once-stalled commercial construction projects are finding themselves back on 2014 bid sheets for the best commercial general contractors. This new mixed-use construction project will include multifamily and 161,000 square feet of retail. In Glenview, Ill.,
Commercial real estate investors targeted underperforming regional shopping malls in 2013 with plans to redevelop and rejuvenate the properties with retail commercial construction upgrades. This new retail commercial construction activity should play a prominent roll in 2014 as well. Middle market retailers see some light.
To meet customer expectations in the year ahead, retailers must evolve as platforms, reimagine store experiences, monetize data, transform as financial companies, and optimize returns. The post Retailers Embrace Five Shopper-First Trends In 2022 appeared first on Business Facilities Magazine.
To survive, however, they need to become places that are about much more than retail transactions. And retail researchers estimate 25% of America’s roughly 1,000 remaining large malls will close over the next 3 to 5 years. Honestly, malls are in decline. Hundreds of American malls shuttered after the 2007-09 recession.
A “Jewel Box” retail building is under construction at Miami Worldcenter, representing one of the last remaining retail components in the $4 billion, mixed-use project. The Jewel Box is located at the confluence of 7th Street Promenade and World Paseo open-air retail pedestrian streets.
Whether its a high-end retailer, a flagship restaurant, or a fuel station, developers often believe their projects are so unique that only those with direct experience can handle them. Englewood Construction has a track record of successfully delivering projects in retail, hospitality, automotive, and restaurant sectors, among others.
to create better foot-traffic flow and help struggling retailers. Many shopping centers owners have difficulty leasing or keeping consistent retail tenants in certain portions of their shopping mall. More importantly, this demographic concentration would appeal to retailers such as toy stores or a children’s clothing store.
Congratulations to Englewood Construction’s Retail Group on a ZERO punch list for our second Purple project completion in Schaumburg, IL’s Woodfield Shopping Center. Congratulations to Englewood’s Retail Group on their completion and grand opening of the Floor & Decor in Chicago’s Chatham neighborhood.
Developers Think Outside the Big Box to Fill Retail Vacancies. Retail news got pretty negative in 2018, with major brands such as Sears and Toys R Us shuttering and leaving behind vacant stores across the country. There are a ton of ideas out there and it’s exciting to be part of the process.
While certain construction sectors saw growth, the value of newly signed design contracts dipped slightly as owners remain hesitant to commit to new work, the American Institute of Architects said.
Over the past 20+ years, Englewood has completed over 2500 commercial construction projects in the retail, restaurant, hospitality, senior living, industrial, cannabis, and automotive sectors. These proactive safety measures reduced the risk of on-site incidents, minimized legal risks, and kept the project in line with OSHA requirements.
Marijuana dispensary projects have similarities to traditional retail and “medtail” build-outs, but also entail special considerations and features for ensuring a secure environment for storing, displaying and selling the product. Security features, for one, are a major difference between a dispensary and a ‘typical’ retail store.
As traditional retailers continue to be impacted by e-commerce, there is an ongoing discussion about how physical stores and shopping centers can compete within the new dynamics of the market. 2: Remixing the Mall. But today, these businesses, as well as sports and recreations concepts, are viable options for filling mall space.
Case in point, a developer once asked us to price out a retail-to-restaurant conversion on the first floor of a Chicago high rise. Recently we worked with a national appliance manufacturer to scout existing retail locations for a prototype of a new branded laundromat concept. Will any “unbranding” be necessary?
We’ve also translated our experience in working with restaurant and retail brands on national rollouts to new partnerships with major cannabis players who are expanding in multiple markets simultaneously. . In the past, RECon was pretty much dominated by retail, with just a smattering of reps from restaurant and other sectors.
CRE developers and owners are continuing to think creatively about filling vacant shopping mall space, and recently the idea of bringing in “ghost kitchens” to fill obsolete retail square footage has started to gain traction. From our perspective, bringing ghost kitchens to malls certainly isn’t a bad use of vacant retail space.
I recently sat down with Kim Sawyer and Tina McGrath, two of our experienced Business Development team leaders, to gain their perspective on what they’ve learned from talking to our existing and potential retail, restaurants, automotive, senior housing, and hospitality clients.
For light commercial buildings, such as hospitals, retail buildings and senior living facilities, manufactured stone veneers offer cost savings, speed of installation and great looks. Communities are now demanding, often through government-approved ordinances, that buildings blend in to local surroundings and have better aesthetics.
Here’s a look at our top 2016 commercial construction “highs” and “lows”: Low: Mall Retail Tenants Choose Local over National. However, over the last year, we’ve seen more retail brands award tenant build-out work to local firms rather than national construction partners. High: Big Opportunities in Big Box Retail.
A national commercial construction general contractor can provide clients rough market-specific cost estimates for building the same concept in different cities, as Englewood does for retailer Hobby Lobby. If You Need Rough Budgeting Across Multiple Cities.
Bolsa Row Terrace in Westminster, California, at the heart of Orange County’s Little Saigon community, will feature more than 26,000 square feet of shopping and dining space.
4 Strategies for Determining Whether a New Marketing Trend Is Right for You ccapoccia Tue, 01/24/2023 - 09:38 In the early days of the internet, a number of aspiring furniture retailers decided to take their businesses online. The convenience of a virtual showroom was undeniable. Neither were some furniture makers.
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