John Boccuzzi, Jr.

New Living Spaces, New Shopping Spaces

March 15, 2010

FROM RETAILWIRE:
Foreclosures and closed retail premises all over the U.S. are encouraging people to re-think where and how they live and work. Add to that consideration of ways to reduce fuel consumption and the result is a possibly new way of designing towns. Are town centers an expansion opportunity for retailers?      [more...]

I am optimistic about this trend and what opportunities this move would provide entrepreneurs and residents of small communities. Small store formats brought together in the center of a town that includes parks/recreation, town buildings as well as professional space and restaurants is exciting.

This common format was eroded in the 1970s with the formation of malls that built high walls with no windows and very few exits to the street. Ultimately, this killed several thriving downtowns. Over the last 10 years we have seen malls now struggling to compete with Walmart and other box outlets open their buildings to the street to better incorporate them into the downtowns they once destroyed. Stamford, CT Town Center is a great example.

With "For Lease" and "For Sale" signs on retail space at an all time high, it will be interesting to watch how larger format retailers make a transition to fit into smaller spaces or if they leave them open for new start-ups that can form closer ties with the community and can provide greater customer service.