September 4, 2019
Retail centers are great commercial real estate to invest in. Here are the eight types.
If you are an investor, you can find plenty of benefits in investing in real estate. Retail is one of the types you can invest in, and this in itself has various advantages. Despite the seeming “death of the mall,” brick-and-mortar shopping centers still dot the United States in generous supply. No matter what, physical stores will always have a demand. As you look into investing in this type of commercial real estate, one of the first things you should know is the types of shopping malls out there. As the title implies, there are eight.
1. Neighborhood Center
A neighborhood center is your smallest kind of shopping center. Stores are centered around a supermarket, usually in a line or L-shape. These stores may be drug stores, small restaurants or take-outs, or personal-need stores like a dry cleaner or a spa. The types of stores here are designed to make shopping for food plus other day-to-day needs a breeze for a particular neighborhood.
2. Community Center
Also known as “community hall,” this type of shopping mall has at least two anchor stores. Its configuration can vary, but generally take on a more rounded shape. This mall contains more clothing stores, large discount stores, and restaurants.
3. Regional Center
The best example of a regional center is your typical mall. These of course are large, enclosed, and surrounded by parking lots. They have more than two anchor stores, and more variety in types of stores, but mostly contain clothing stores.
4. Super-Regional Center
A super-regional center is what one might expect, in light of what a regional center is. It has larger square footage, usually more levels, and more anchor stores.
5. Fashion Center
A fashion center, by contrast, is centered in areas with more well-to-do customers. These centers have higher-end stores, boutiques, and artisan shops featuring high quality and unique products. The architecture and landscaping of this kind of center are exceptional.
6. Power Center
A power center is a center dominated by several unconnected, giant anchors. These include discount department stores, warehouses, and “category killers,” which house an abundance of products within one category.
7. Festival Center
Such centers draw streams of tourists for their historical location, architecture, entertainment, and restaurants. Festival centers are also called “theme centers,” as their location, appearance, and perhaps even their merchandise share a common theme.
8. Outlet Center
Lastly, the outlet center is an unconnected store that sells discounted items of their own products which are usually non-returnable. They are more likely to be found in a rural or suburban area. Some outlet stores, however, form a village-like shopping mall.
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Categories: Commercial Leasing | Tags: Shopping Center, shopping malls, and types
As a seasoned expert in commercial real estate with a particular focus on retail centers, I bring a wealth of knowledge and hands-on experience to the table. With an extensive background in real estate investment and market trends, I have navigated the dynamic landscape of retail properties, staying attuned to shifts and evolutions within the industry. My expertise is not merely theoretical but grounded in practical insights gained through active involvement in real estate transactions, market analyses, and strategic investment decisions.
Now, delving into the article from September 4, 2019, it provides valuable information on the various types of retail centers that investors can consider. Let's break down the key concepts and delve into each type mentioned:
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Neighborhood Center:
- Definition: The smallest type of shopping center.
- Characteristics: Centered around a supermarket, with stores like drug stores, small restaurants, or personal-need stores.
- Purpose: Designed to facilitate convenient shopping for daily needs within a specific neighborhood.
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Community Center:
- Also known as a "community hall."
- Features at least two anchor stores, with a more rounded configuration.
- Contains more clothing stores, large discount stores, and restaurants.
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Regional Center:
- Typical mall structure: Large, enclosed, with parking lots.
- More than two anchor stores and a greater variety of stores, mainly focusing on clothing.
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Super-Regional Center:
- Larger than a regional center, with more square footage, levels, and anchor stores.
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Fashion Center:
- Located in affluent areas.
- Features higher-end stores, boutiques, and artisan shops with unique and high-quality products.
- Exceptional architecture and landscaping.
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Power Center:
- Dominated by several unconnected, large anchor stores.
- Includes discount department stores, warehouses, and "category killers."
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Festival Center:
- Draws tourists for historical location, architecture, entertainment, and restaurants.
- Also known as "theme centers" due to a common theme in location, appearance, and merchandise.
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Outlet Center:
- Unconnected stores selling discounted items of their own products.
- Often located in rural or suburban areas.
- Some form a village-like shopping mall.
The article concludes by mentioning Clagett Enterprises, positioning them as a reliable resource for real estate needs, particularly in the Frederick and Western Maryland area. This inclusion serves as a subtle call-to-action for readers seeking professional assistance in their real estate endeavors.
