POP, POP, POP GOES THE POPULATION
The demographic profile of a shopping center's primary trade area is the single biggest determinant of its viability, says Eric Rothman, Wachovia analyst. One demographic factor is population growth. Listed below is the estimated population growth between 2004 and 2009 for shopping center REITs.
WHY CAN'T THEY BE LIKE WE WERE?
How many times have you seen a cluster of young retail clerks talking among themselves or yakking on a personal call while potential buyers line up for their assistance? Too often today, younger retail employees seem to be blind to the concept of customer service. Maritz Research confirmed the difference of interest in their communications with customers. Only 55 percent of retail clerks 16 to 24 enjoyed interacting with their customers, compared with 74 percent of 35- to 44-year-olds. Meanwhile, 83 percent of 45- to 66-year-old employees enjoying communicating with shoppers
THE BIERI REPORT: AUSTIN, TEXAS
Austin has been ranked as one of the top growth markets in the nation, fueled by Texas state, government, high tech (including Dell), and the University of Texas. Downtown shopping is mainly university oriented.
The malls have long been the place to shop. The newest development is The Domain. which will be home to the first Neiman Marcus in Austin, and will attract additional luxury retailers to the market. The wealth of Austin is west and south of the site, but freeway access will allow for it to be the premier shopping center in town. Within the immediate area of The Domain, you will find The Arboretum and Arboretum at Great Hills, which has been the center for better shopping. Gateway Shopping Center is also within the immediate area, bringing an interesting mix of entertainment, home furnishings and big-box retailers. Barton Creek Square is the largest mall in Austin and the most successful, attracting the better retailers. Highland is still a strong center. Lakeline is a solid regional mall. This community has no barriers for growth.
The information presented for traffic estimates and regional malls is gained from a variety of sources used in developing the Bieri Market Reports. These sources are public and private, and may even include the developers themselves. When traffic counts are not available, grades are determined by reviewing sales of anchor stores and specialty tenants within a subject project, and then comparing those with like projects.
| SHOPPING CENTER | RANKING |
|---|---|
| Barton Creek Square Mall | A |
| The Domain | A |
| Arboretum at Great Hills | B |
| Lakeline Mall | B |
| Highland Mall | B- |
| Gateway Shopping Center | B- |
| Round Rock Premium Outlets | B- |
PICKING A BROKER
Why market your listings to the entire brokerage community? As the bottom pie chart shows, nearly 79 percent of all mixed-use retail buyers in 2005 were represented by independent and regional firms. On top, the effects of proactive co-brokerage in 2005 mixed-use retail transactions shows a higher price for co-brokered deals.