Retail Development by Kramer, Anita -- Read -- Imperial Library of Trantor

Index

Cover Copyright Acknowledgments Contents 1 Introduction

What is a “Shopping Center”? Shopping Center Terms Types of Retail Goods Types of Shopping Centers

Convenience Shopping Centers Neighborhood Shopping Centers Community/Super Community Shopping Centers Regional and Super Regional Centers

Variations of the Major Types

Entertainment Centers Lifestyle Centers Town Centers Outlet Centers Megamalls with Entertainment Fashion Centers Transportation-Integrated Retailing

Strip Commercial Development Variations in Design Evolution of the Shopping Center

Early Experiments and Patterns Diversification in the 1970s Maturation in the 1980s Remaking the Shopping Center in the 1990s The New Millennium

2 Project Feasibility

Market Analysis

What is Market Analysis? Who Uses Market Analysis? Basic Approach to Retail Market Analysis The Importance of Key Tenants Analyzing Demand for Retail Goods Analyzing Supply Marketability Analysis Sources of Data Shaping the Character of a Center

Financial Feasibility Site Selection and Evaluation

Choosing a Location Access to the Site Configuration and Shape of the Site Size of the Parcel Topography Public Services

Site Acquisition and Approvals

Site Acquisition Methods Land Use Controls Avenues of Relief Review of the Site Plan Zoning Alternatives: Planned Development Districts, Floating Zones, Zoning Overlays Federal, State, and Regional Regulations Development Agreements and Exactions Participation and Input by Citizens The Approval Process

Securing Commitments From Tenants and Anchors

Anchors Leasing Plan Leasing

3 Financing the Retail Project

Financial Viability

Estimating Income Estimating Costs Capitalization Rates Project Funding Measuring Project Return Assessing Financial Liability at Land Acquisition

Financing Structure

Organizational Forms of a Development Entity Funding Sources Presentations to Financing Sources Requirements for Equity Funding Funding Structure for the Loan Elements of a Joint Venture Distribution of Profits Funding Predevelopment Costs Development Fees Public Financing Other Types of Debt What Does a Successful Deal Look like?

Financing Characteristics of Retail Development Summary

4 Planning and Design

Changing Rules and Guidelines The Latest Retail Concepts

Lifestyle and Open-Air Retail Centers Urban Infill Retail Mixing Uses Transit-Oriented Development The Hybrid Mall

International Retail Concepts

Asia Middle East Europe Central and South America

Retail Site Planning

Site Program Configurations Parking Environmental Design

Exterior Features and Building Configurations

Building Materials Building Entrances Canopies Signage Night Lighting Truck Service Facilities Building Configurations

Interior Features

Tenant Spaces Building Flexibility Kiosks Multiple Levels Food Courts Storefronts Store Size Basements Interior Walls Plumbing Lighting Flooring Heating and Air Conditioning

5 Expansion and Rehabilitation of Existing Centers

Feasibility Analysis

Analysis of Sales Performance Analysis of Lease Terms Surveys of Customers Analysis of the Potential for Expansion Market Analysis Financial Analysis

Securing the Capital for Redevelopment The Approval Process Changes in Physical Design

Buildings and Common Areas Rehabilitation of Facades Lighting Signage Parking Landscaping and Street Furniture

Marketing

Working with Tenants Scheduling and Logistics Marketing the New Center

Problems in Rehabilitation and Expansion

6 Tenants

Understanding Tenants

Anchor Tenants Inline Tenants Food Tenants Pad Tenants

Mix, Evaluation, and Placement of Tenants

Mix Evaluation Placement

Design and Planning Issues to Resolve with the Municipality Language in Tenants’ Construction Exhibits The Landlord’s Control of Tenants’ Stores Management of Tenants’ Construction Increased Challenges of Big-Box Tenants Grand Opening

7 Operations, Management, and the Lease

Basics of the Lease as a Management Tool

Developing the Leasing Strategy and the Lease Description of the Premises Term

Rent Provisions

The Economics of Rent and Percentage Rent Percentage Rent Lease Provisions General Rent Provisions

Operating Expenses

The Elements of Operating Expenses: Taxes, Insurance, and Cam Tenant’s Proportionate Share Payment and Reconciliation of Operating Expenses Limits on Operating Expenses Tenants’ Third-Party Payment Obligations Promotional Fund or Merchants’ Association

Key Tenant and Landlord Issues

Tenant Allowance Guaranty and Other Landlord Security Common Areas Use, Trade Name, Continuous Operation, Exclusive Rights Cotenancy Improvements and Alterations Parties’ Maintenance and Repair Obligations Landlord’s Right to Enter the Space

Insurance, Condemnation, and Default Provisions

Insurance and Indemnity Casualty and Condemnation Defaults and the Landlord’s Remedies

Conclusion

8 Management and Promotion of a Successful Center

Management Approaches Management and Lease Administration Issues

Sign Control Enforcement of Parking Regulations Hours of Operation Legal Requirements Real Estate Taxes

Accounting

Income Accounting Expense Accounting

Marketing and Promotion

Funding Marketing of the Shopping Center Advertising, Promotional Events, Public Relations, and Community Outreach

Asset Management

9 Case Studies

Atlantic Terminal, Brooklyn, New York Belmar, Lakewood, Colorado Brentwood Square, Brentwood, Missouri Bullring, Birmingham, England Fairfax Corner, Fairfax, Virginia 40th @ Walnut, Philadelphia, Pennsylvania The Grove, Los Angeles, California Los Jardines, Bell Gardens, California Namba Parks, Osaka, Japan Paseo Colorado, Pasadena, California Shanghai Xintiandi, Shanghai, China University Square, University Heights, Ohio Zona Rosa, Kansas City, Missouri

10 Future Trends

The Internet Clicks with Bricks Entertainment Goes Large and Sporty Cinemas Become Even More Entertaining Green Becomes the Norm Population Growth Means New Retail Opportunities Demographic Trends Will Affect the Viability of Many Existing Centers Urban Neighborhoods Will Experience Rapid Retail Development Redevelopment, Repositioning, and Reconfiguring Will Remain a Force New Town Centers and Redeveloped Strips Will Be the Shape of Retail Growth in Suburban Areas Retailing Will Become More Global

Bibliography

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