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No fewer than 79 percent of U.S. adults patronized food-and-beverage establishments at shopping centers in the first quarter of this year, and 64 percent visited a leisure-entertainment venue there, according to an ICSC Research consumer survey.
Retail remains by far the top sales generator at shopping centers, but the presence of nonretail tenants demonstrates how the retail real estate industry is accommodating changing shopping behaviors and new preferences, says the report, titled Shopping Centers Becoming Consumer Centers.
Just over half of U.S. adults used a medical or fitness facility in a shopping center during the first quarter, and 69 percent used other services, such as dry cleaners and salons.
Space allotted to nonretail tenants at shopping centers has increased by 3.9 percentage points since 2012, bringing that space from 19.2 percent of total gross leasable area to 23.1 percent, according to data provided to ICSC by CoStar Realty Information.
“These numbers do not demonstrate any decline in the importance of retail, but rather they track the rising importance of shopping centers,” said Jean Lambert, vice president of ICSC Research. “Shopping centers are really becoming consumer centers as they successfully satisfy a broader range of needs, services and merchandise.”
By Edmund Mander
Director, Editor-In-Chief/SCT
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