LIVE BLOG: BisNow Chicago Retail Summit

0 CommentsBy

JLL’s Mark Hunter is among five participants in the headline panel discussion at this morning’s BisNow Retail Summit at the Metropolitan Club:

8:20 a.m. – Hunter on the lack of new retail development: “What we’re going to see is a lot of redevelopment and infill development moving forward.”

8:25 a.m. – Hunter on future of regional malls: “There’s been a lot of carving up and redevelopment of these properties and that’s going to continue into the foreseeable future.”

8:30 a.m. – Heitman’s Jennifer Boss on the impact of e-commerce on bricks-and-mortar retailing: “Online sales have definitely had a negative impact on hard lines and some of the commodities, not as much with the soft goods.”

8:35 a.m. – Hunter on e-commerce: “I think what online shopping has done is replace the Sears and JC Penneys catalogues. This industry is always evolving and you always have to try to get better.”

8:36 a.m. – Heitman’s Jennifer Boss: “There’s a lot of strength on the luxury side and a lot of strength in fashion in general. And food is huge. There’s lots of growth in the grocery side and it’s the only type of anchor retailer that’s expanding today.”

8:40 a.m. – Hunter on value retailers: “Value retail is where a lot of the action is. Nordstrom is going to open matbe 1 or 2 new stores in the U.S. this year, but they’re going to open 20 Nordstrom Racks. You’re seeing the same thing with Bloomingdale’s and even Sacks.”

8:42 a.m. – Hunter on big-box re-use: “You have fitness centers, medical clinics, technical schools and a lot of creative reuses of the vacant big-box spaces and we’re going to continue to see that.”

8:43 a.m. – Stockbridge Capital Group’s Andrea Pauls Backman on the abundance of vacant big-box spaces in Chicago: “Three years ago, there were 170 [vacant] big boxes in the Chicago area and today there’s only 70.”

8:45 a.m. – Hunter on rental rates: “In general, I think rents in the Chicago market are headed up slightly and tenant improvement dollars are going to remain flat, but it really depends on who has the leverage.”

8:50 a.m. – Hunter on Sears: “I think there’s a lot of negativity surrounding Sears, but I personally think they’re going to survive. Their box is just too big and their going to have to downsize and sublease, but they’re doing that and they’re going to stick around.”

Leave a Reply

Your email address will not be published. Required fields are marked *