Dog Days of Summer

The first day of summer was last week which means vacations, graduation parties, and a tougher time to conduct business. Golf outings, half-a-day Fridays, and late start Mondays become increasingly more common. However, a significant amount of retail activity is occurring throughout Northeast Ohio as the weather is good, except for a few T-Storms. Below is a synopsis of activity.

1. The major infrastructure improvements are under construction at Steelyard Commons.
2. Multiple mixed use developments are getting significant PR time. Rockside Terrace, The Arborlands, and North Royalton Town Center would all love the tenant mix afforded to Legacy Village or Crocker Park. Don't expect another Crocker Park in Northeast Ohio unless a developer is able secure land near the Fairlawn market. The Akron/Canton market could support a lifestyle center on it's own, although finding the right piece of land will prove the most difficult.
3. Why all the interest in downtown Cleveland? Robert Stark and Scott Wolstein are both pitching mixed-use developments (with large retail components) in downtown Cleveland. One reason could be related to the faltering Tower City Center. In addition the downtown housing market has grown significantly over the past five years.
4. Most of Westgate Mall has been razed and construction is progressing quickly.
5. Secondary sites are being absorbed. A significant number of sites previously rejected by the real estate committees of retailers are being developed. Shopping center owners and developers may want to revisit secondary sties that were previously rejected by the retailers.
6. Immigration is at the forefront of most media news programs. Northeast Ohio is experiencing its own immigration of out-of-state developers and end users coming into the market. The additional competition will increase land values, accelerate the demise of out-dated projects and provide the consumer with a better shopping experience; hopefully.
7. The value is in the real estate. Just ask private equity firms looking to acquire retailers. Private equity firms are teaming up with REITS and going at it solo to control the real estate assets of many retailers. Expect that trend to continue so long as the retailer owns their real estate or is under market on the leasehold.