This post is sponsored by RPAI.
Retailers are constantly changing their strategies to meet shifts in consumer demands and changing needs from physical stores. And where these spaces are located is becoming increasingly important as they compete in a crowded environment.
In this second post in our two-part series, we talk with RPAI’s Maria Toliopoulos, senior vice president and director of national retail leasing and services, about the changing nature of RPAI’s portfolio and how it’s better serving customers and retailers.
Question: Can you tell us about your location strategy for shopping centers?
Maria Toliopoulos: RPAI is focused on owning multitenant retail centers in 10 to 15 key markets, with approximately 3 million to 5 million square feet in each market. We believe our scale is large enough to be relevant to our retail partners and the capital markets, while also allowing us to optimize our local and regional operating platforms to achieve economies of scale. So far, we have announced 10 of those markets: Atlanta; Austin, Texas; Chicago, Dallas-Ft. Worth; Houston; New York; Phoenix; San Antonio; Seattle; and the Washington and Baltimore area. Our target markets have well-diversified local economies and strong demographic profiles. They have significant long-term population growth or above-average density, along with relatively low costs of living. We’re also looking for highly educated employment bases and strong barriers to entry, whether driven by topography, regulations or density.
Q: How can these locations take advantage of changing trends in the market?