2018 Look Ahead: Retail
Q: 2017 was an awful year for retail, yet retail centers like your own Miami Worldcenter and Plantation Walk are continuing to be developed. What are you doing different and will other developers need to do to say afloat?
Arthur Falcone: You need to either be doing small strip centers where you have credible tenants like Starbucks, BurgerFi and AT&T or you have to do lifestyle centers. Those are the two types of retail centers that will be resilient. If you’re anywhere in between, unless you’re in a high-growth area, you’re going to get crushed. For us, the key is creating these live, work, play entertainment destinations. They will always attract people because they provide a unique experience.
Q: What’s the biggest change you expect to see for retail in 2018?
Arthur Falcone: Retailers have to think smart and figure out how to be internet resilient. They have to combine the use of the internet with brick and mortar so that one fuels the other. The ones who can do a good job of that will flourish.