Debunking E-Commerce Myths
We’ve recently heard of fake news stories, hoaxes, and fabricated plots that have permeated headlines lately—and, unfortunately, the negative consequences that some have caused.
One such fictitious headline that’s running rampant is “the death of the shopping mall” and countless more tales of online sales putting brick-and-mortar stores out of business. But the reality is that the in-store vs. online struggle is not quite the battle that you probably think it is. In fact, physical stores continue to dominate retail sales.
So with the proliferation of fake news stories, here are a few facts to debunk these e-commerce myths and demonstrate the strength of the shopping center industry.
In-store retail sales accounts for $4.2 trillion or 90.7% of the market. A common perception is that online giants, such as Amazon, dwarf brick-and-mortar competition, but the reality is that Amazon is still a small percentage of the overall market. Online-only retailers represent merely about 3.5% of all U.S. retail sales.
Research also shows that 78% of consumers prefer to shop in-store, and spend significantly more per month in a physical store than online. We’re also seeing that omni-channel retailing is actually an enhancement to brick-and-mortar stores. E-commerce and other technological advances are improving the brick-and-mortar shopping experience and boosting sales at physical stores. 93.4% of all retail sales owe all or part of sales to a brick-and-mortar presence.
These are all encouraging statistics that confirm the shopping center industry is thriving, and the rise of technology and e-commerce is not going to change that. But we do need to change our thought process. Industry professionals and supporters need to advocate for our shopping centers and educate the consumer. According to one of my industry colleagues, “The consumer needs to be told that bricks and mortar is here to stay because if you keep telling the consumer it’s dead, the consumer will think it’s dead and start shopping online.”
Our friends at ICSC (International Council of Shopping Centers) have recently drafted several editorial pieces that have appeared in national news publications such as The Wall Street Journal. We are grateful for the leadership of Tom McGee and his team to help this business create our own sources of credible information, and to educate consumers on how vital the shopping center industry is, to both them and our entire country. Read the full articles “A Talk With Tom McGee” and “E-Commerce and Physical Stores Are Friends with a Common Purpose.”
-Marty
Stirling Properties Welcomes Northern Tool + Equipment To Lake Charles, Louisiana
Stirling Properties is pleased to welcome Northern Tool + Equipment to Park Plaza in Lake Charles, Louisiana. The company will be located at 3131 Gerstner Memorial Drive and plans to open in November of 2016.
Park Plaza Shopping Center is a 172,949-square-foot multi-tenant, neighborhood retail and restaurant center located at the intersection of I-210 and LA-14 in Lake Charles’ retail hub. Northern Tool + Equipment will join a great mix of established local and national retailers, including Family Dollar, Save-A-Lot, Altitude Trampoline Park, Citi Trends, Osaka Hibachi Restaurant, Beauty Supply, Louisiana Wireless, L.A. Fashions, Liberty Tax, Subway, EZ Checkloans and Sam’s Southern Eatery.
Stirling Properties Sales and Leasing Executive, Seth Citron, handled the lease transaction with Clay Mote of Dallas-based Venture Commercial. Northern Tool + Equipment will occupy 19,109 square feet in the former Conn’s space. This will mark the third Louisiana location for the company.
Family-owned and operated for more than 35 years, Northern Tool + Equipment has grown into a billion-dollar company with 95 stores in 19 states nationwide. It provides over 40,000 carefully chosen tools via catalogs, website and retail stores. The Northern Tool + Equipment store in Lake Charles will offer Louisiana residents a wide selection of portable generators, pressure washers, air compressors, power tools, welding equipment and many more quality equipment products, as well as a complete line of emergency storm supplies.
Lake Charles has recently made headlines as a major growth leader in southwest Louisiana, driven by massive industrial projects. According to recent reports, Lake Charles’ economy grew 8.3%, the 3rd-fastest in the nation, and job growth and sales taxes are exceeding the national average. This progression is quickly attracting new retail developments and tenants to the market.
“Lake Charles is one of the hottest areas in the state with upwards of $80 billion in anticipated industrial projects driving significant growth and job opportunities,” said Citron. “This is an exciting time for progress, and we are starting to see major retailers taking notice. Stirling Properties is proud to be a part of that growth, and to have the opportunity to help bring quality retailers to the area.”
For sales or leasing information, contact Seth Citron at scitron@stirlingprop.com or (337) 572-0273.
Ambassador Town Center 100% Leased!
Stirling Properties and CBL & Associates Properties, Inc. welcome four new tenants to Ambassador Town Center in Lafayette, Louisiana. Developers are pleased to announce the center is now 100% leased!
5 Star Nutrition has leased 1,759 square feet of space, with an anticipated opening in November. This marks the company’s 2nd location in south Louisiana, and 5th location for the state.
Orangetheory Fitness will occupy 3,300 square feet and is expected to open in December. This will be the 4th Louisiana location for the company.
Sprint will occupy 1,286 square feet and anticipates opening later this year.
Newly leased I Love Juice Bar is celebrating its 1st Louisiana location. It will occupy 1,250 square feet and also plans to open later this year.
Rounding out the tenants, previously announced Just 4 Him Men’s Haircut Lounge celebrated its grand opening last week, and Half Shell Oyster House is still on track to open next month. They join 30 other retailers and restaurants that call the shopping center home, including anchor tenants Costco Wholesale and Dick’s Sporting Goods/Field & Stream. Last month, developers also installed a public walking/jogging trail at the site for community use.
“The growth of Ambassador Town Center since its opening six months ago is impressive,” stated Michael Lebovitz, executive vice president, development and administration, CBL & Associates Properties, Inc. “We’re thrilled to add additional national names like Orangetheory Fitness – one of the fastest growing fitness franchises in the country – to our line-up and continue to offer the Lafayette community a vibrant and dynamic lifestyle destination.
“We are extremely proud of the success at Ambassador Town Center,” said Townsend Underhill, Senior Vice President of Development for Stirling Properties. “Getting a retail center of this size 100% leased within 6 months of its grand opening is a huge accomplishment in any community. The progress of this center truly represents the strength of the Lafayette market, especially during this challenging economic time.”
Ambassador Town Center is a roughly 60-acre premier regional shopping and entertainment destination, as well as a vital economic contributor to the area. With more than 430,000 square feet of retail space, the center offers a great variety of national and local shopping and dining options. Most of the retailers opened at Ambassador Town Center are either first-time locations within Lafayette or Louisiana, or both.
Located at the southeast corner of Lafayette’s ‘main-at-main’ intersection, Ambassador Caffery Parkway & Kaliste Saloom Road, the development also includes 5 Star Nutrition, Avalon Salon & Spa, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chuy’s Mexican Restaurant, Costco Gasoline, Dickey’s Barbecue Pit, Five Below, Freddy’s Frozen Custard & Steakburgers, Half Shell Oyster House, I Love Juice Bar, Just 4 Him Men’s Haircut Lounge, Marshalls/HomeGoods, Nordstrom Rack, Off Broadway Shoes, Orangetheory Fitness, Panda Express, Panera Bread, PetSmart, Phone Zone, Professor Bob Beans Coffee Bar & Ice Cream Lab, Red Robin, Sprint, Subway, Tao Asian Cuisine, World of Beer and Verizon.
Stirling Properties and CBL & Associates Properties, Inc. formed a joint venture to develop the center, and construction began in January of 2015. The companies currently manage and lease the property. Ambassador Town Center has been credited with creating approximately 2,200 construction jobs, roughly 1,700 permanent jobs and nearly $9 million annually in sales taxes for the City of Lafayette.
Stirling Properties Welcomes Magnolia Yoga Studio To the New Bienville Basin District
Studio Grand Opening on Friday, September 16th!
Stirling Properties is pleased to welcome Magnolia Yoga Studio to the Bienville Basin District in New Orleans. The long-awaited studio will be located at 301 Basin Street and plans to open its doors on Friday, September 16th!
Stirling Properties Sales and Leasing Executive, Joe Gardner, handled the transaction and worked extensively with the tenant to secure the 2,000-square-foot site, and to select a contractor for the build-out process, which started earlier this year.
The Bienville Basin District is an up-and-coming mixed-use community rising in the footprint of the former Iberville housing development. The Bienville Basin redevelopment began in 2013 and has since gained significant traction. The 23-acre district includes more than 800 mixed-income residential units, restaurants, retail, parks and recreational areas. The full development plan is expected to cover 300 blocks bounded by Rampart Street, Tulane Avenue, Broad Street and St. Bernard Avenue.
New Orleans has recently been credited with attracting young, business-savvy entrepreneurs to the city. Magnolia Yoga Studio Owner & Chief Yoga Officer, Adrianne (Ajax) Jackson, a California native of mixed Mexican- and African-American heritage relocated to New Orleans seeking business opportunities to bring her dream of a yoga studio to fruition. She was particularly drawn to the revitalization and vibrancy of the Basin community.
“Our mission is to support growth, healing, and empowerment through the art of yoga and community,” said Ajax. “We are thrilled to be opening our doors here in the Basin and hope everyone will come out to see what we have to offer. Just remember: You don’t have to be good to get started, but you have to get started to get good!”
Magnolia Yoga Studio is intent on getting more yoga to more people, more often. The goal is to educate the community on the benefits of yoga and to provide accessibility. The studio plans to create collaborations with businesses, hospitals, recovery centers, schools and with incarcerated youth.
“Magnolia Yoga Studio is the quintessential example of the types of diverse business opportunities and establishments that the mixed-use Basin community has to offer. We are proud of what this neighborhood has become, and are especially excited to see young, talented, minority business owners—such as Ajax—finding a home here in our city and helping to become a part of this historic renovation,” Pres Kabacoff, Executive Chairman of the Board, HRI Properties.
The redevelopment of the Bienville Basin District site is a much welcomed addition to downtown New Orleans. This prime real estate, just steps from the French Quarter with both the Canal Street and St. Charles Avenue streetcars running nearby and the Rampart Street expansion underway, provides convenient access to all of the city. It is quickly becoming a sought-after neighborhood to live, work, shop and play.
Stirling Properties has been at the forefront of commercial real estate brokerage, development/redevelopment and management in New Orleans and the entire Gulf South region. With notable accomplishments such as Mid-City Market, Magnolia Marketplace, and the Pan American Life Center first floor redevelopment, Stirling Properties is a key contributor to the revitalization efforts of the City of New Orleans and surrounding communities.
“We are committed to New Orleans and the Gulf South region,” said Gardner. “We are thrilled to be involved in such significant revitalization projects, such as the Bienville Basin District, and look forward to bringing even more retail tenants and businesses to this vibrant market.”
National Association of Realtors (NAR) Names Stirling Properties’ Beth Cristina as Commercial Committee Vice Chair
Stirling Properties’ Senior Broker Associate, Beth Cristina, ALC, has been selected as the 2017 Commercial Committee Vice Chair for the National Association of Realtors (NAR). She will assume the position on January 1st, 2017.
Each year, the incoming NAR president-elect appoints vice chairs to help lead and guide the 1.2 million-member association. Their role is to navigate issues that matter to realtors and home owners, such as economic forces, demographic shifts, and technological innovations that are reshaping the $3.3 trillion residential and commercial real estate industry.
“I am confident and qualified, and bring the right credentials to the job. Having served on NAR commercial committees since 2004, I’m comfortable in the trenches,” said Cristina. “I believe the work of the volunteer leadership team is crucial to the future of our industry. Commercial real estate is consistently changing, and I’m looking forward to leading a committee that will help our members and clients to be successful.”
Ms. Cristina has over thirty-six years of successful experience in commercial real estate sales, leasing, development and investments. Her qualifications include retail and office market analysis, tenant/landlord and purchaser/seller representation, marketing sales, leasing strategies, and consulting services. She has earned numerous awards and recognition throughout her career, including Outstanding Achievement in Commercial Real Estate (2011), Realtor of the Year (2010), and Woman of the Year (2005).
She is affiliated with several business and professional organizations, including Realtor Land Institute (RLI); Louisiana Realtors (LR), where she served as 2015 President; New Orleans Metropolitan Association of Realtors (NOMAR), where she served as 2005 President; and Commercial Investment Division (CID) of NOMAR, where she served as President for 2000 and 2008.
The National Association of Realtors is America’s largest trade association, representing over 1.2 million members, including NAR’s institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. Membership is composed of residential and commercial realtors who are brokers, salespeople, property managers, appraisers, counselors, and others engaged in the real estate industry.
Beth Cristina can be reached at (504) 620-8127 or bcristina@stirlingprop.com.
Stirling Properties Names Bradley Cook as Sales and Leasing Executive
Stirling Properties commercial real estate company is pleased to announce Bradley Cook as Sales and Leasing Executive for its Commercial Brokerage Division. He will work from the company’s Covington office located at 109 Northpark Boulevard, Suite 300.
Bradley Cook joined Stirling Properties in 2016 as a Sales and Leasing Executive in the Commercial Brokerage Division. He has extensive experience in the commercial real estate industry, with a focus on industrial and investment properties, urban core redevelopment, as well as land development.
Previously, Bradley worked as an Associate Advisor for AREA Real Estate Advisors where he garnered knowledge and skills in sales, acquisitions, development, tenant and landlord representation, and buyer and seller representation. In this role, he created urban core redevelopment opportunities, and led the charge to promote an 8-million-square-foot ground-up industrial development in Parkville, Missouri.
Prior to his commercial real estate career, he was the Fitness Director for Franco’s Athletic Club, the Program Development Director for Spectrum Health and Fitness, as well as Cardiology Account Executive for GE Healthcare, covering more than 200 accounts across the Southeast. Cook was pivotal in the growth and expansion of Franco’s Athletic Club through their locations on Magazine St. and the new CrossFit Franco’s, which holds Louisiana’s first Reebok CrossFit retail location.
Born in New Orleans and a resident of the Northshore, Bradley earned his Bachelor’s degree and Master of Science degree from Louisiana Tech University. He holds multiple health and fitness certificates in the Exercise Sciences, as well as a lay counselor certificate that enables him to work with men and women in the areas of self-identity and relationships. He is a strong local advocate for the special needs community on the Northshore having started the iCAN Fitness Program at Franco’s Athletic Club and serving on the Board for The Zac Slay Experience.
Cook holds a commercial real estate license in Missouri, Kansas and Louisiana and is a CCIM Candidate.
Bradley Cook can be reached at (225) 505-6009 or bcook@stirlingprop.com.
