Pandemic Accelerates the Addition of Mixed Uses to Open-Air Retail
While open-air centers have performed well in themselves, the addition of mixed uses makes them even more attractive to investors.
April 21, 2021 | Patricia Kirk | Wealth Management
Open-air shopping centers have benefited from the pandemic, with many retailers moving from enclosed properties to the open-air format, according to Atlanta-based Chris Decoufle, a senior member with the capital markets retail team at real estate services firm CBRE.
Open-air centers provided retailers the ability to remain open even during the depth of the pandemic and offer shoopers a safer, socially distanced shopping experience, Decoufle says. They were also able to accommodate new or expanded uses, such as space for outdoor dining and curbside pick-up of purchased merchandise, takeout food and groceries ordered online.
Plus, in addition to featuring a diversified tenant mix that can range from grocery stores to coffee shops to fitness centers and medical office providers, open-air centers can now also serve as “last mile” distribution centers for e-commerce operators like Amazon.
