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EP 233: Store Closures and Lease Structures Are Reshaping Commercial Retail
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Guest: Stephanie Cegielski, VP of Research at ICSC
The retail marketplace is in the throes of transformation. Despite the popular narrative of a retail apocalypse, commercial spaces are undergoing a renaissance. If developers and retailers are inventive and bold, store closures offer an opportunity for innovative reinvention. Today, vacancy rates hovering around just 4 percent; there's intense competition for those empty spaces. Scarcity, coupled with high construction costs, has created a competitive marketplace where the retailers that are reimagining traditional can thrive. Join Shelley and Stephanie Cegielski, VP of Research at ICSC as they discuss how successful malls have become vibrant ecosystems as technology hubs, dining spots, entertainment venues, and educational facilities. Listen and learn how retailers can successfully transform by taking advantage of new lease structures that have evolved dramatically, with flexible terms replacing rigid, decade-long commitments.
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