I started my CRE career in the office world (first 3.5 yrs). Since jumping into retail development (3.5 yrs in) I firmly believe RETAIL has TRUE competitive drivers that benefit strategy and intentionality. Here is why:
1. Value is more "real" (pun intended)... Retail, in nature, has TRUE value within your project (better location, traffic volume, access, visibility, co-tenancy / anchors, etc...)
2. Better tenant sales (likely) = better LL returns
3. Retail grows wide and rapidly... Retail tenants area national and regional... this leads to national and regional connections (larger network and pool)
4. Quality matters... Tenants demand quality and will pay a (relative) premium for quality. Develop quality efficiently and you build relationships
5. Data matters... data drives rents and ultimately disposition prices.
PLEASE ADD YOUR THOUGHTS! There are plenty more value driven items to add.
#retwit #cre #retail #commercialrealestate #data #retailer
Let's talk #restaurants:
According to Yelp, there was a substantial increase in openings in the F&B sectors. Here are 3 data points:
1. 53,793 NEW restaurant openings in 2023, up 10% from 2022.
2. Openings in the "nightlife" category rose 11% y-o-y.
3. Food businesses (food trucks, juice bars, brewpubs) increased 16% y-o-y.
In addition, Yelp's study indicates EVERY state surpassed pre-pandemic business openings for the first time since COVID (year marker 2019).
#cre #retail #restaurant #retailrealestate #restaurantindustry #restaurantbusiness #retwit #crex
all information pulled from a @CBRE study.