The future of retail is unclear, however that does not mean the future of retail is dead. Owner/Developers are finding new ways to repurpose their space while retailers are learning that they need to shift their philosophy to survive today’s retail climate.

These pioneering retailers are forging the way for a new era of retail, which will survive as a combination of both brick and mortar locations as well as online sales.   These retailers are focusing on providing consumers with an experience and building a community around their brand, instead of simply building the brand.   They are expanding their offerings within their existing brands, remaking themselves to accommodate the needs of the times, and landlords are pacing them to keep up with having the available product to accommodate these shifts.   

Although the brokerage community will have to contend with large vacancies with the recent closures of many big name brands, these spaces will not sit vacant.   Understanding the new behaviors of the generational consumer base, landlords are seeing that the space can be repurposed for a different need and perhaps not what we are used to seeing inside a mall, strip or outlet center.   There will be opportunity for many retailers to enter or expand into the market and seize the opportunities at hand.  

From Milrose’s perspective, there is, and there should be, plenty of excitement around the retail environment and what is to come; and here is where we fit in.   With the changing uses of existing retail spaces, Milrose can work with you prior to lease execution to assess whether a zoning or building code use change is required.   Further, upon lease signing, Milrose can be by your side to help shepherd the team through the approval, permit and occupancy processes, help mitigate risk throughout the process and get you into the space and operating as soon as possible.   In these shifting, yet exciting times, have a trusted advisor by your side. 

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