5 Dos and Don’ts of Reaching Generation Z
We’ve all read numerous statistics, studies, and articles regarding the infamous “Millennials.” Over the last few years, this generation has reshaped the way we do business and even how we interact and communicate with one another.
One major industry that has been significantly impacted by the Millennial generation is commercial real estate, especially the retail sector. Millennials have changed the game with consumer shopping habits and buying preferences—retail real estate is still trying to catch up.
But now, we are seeing the emergence of the new kids on the block: Generation Z. And if preliminary studies are accurate, they too are altering the rules of retail. Here’s a little insight shared by one of Stirling Properties’ summer interns, Kylie. She gives us a real-life perspective on the mindset of Generation Z:
5 Dos and Don’ts of Reaching Generation Z
Generation Z (aka Post-Millennials, iGeneration, Founders, or Plurals) refers to those born roughly between the years 1995 and 2010. They currently make up 25.9% of the United States population and account for $43-44 billion in direct spending. By the year 2020, it is estimated that they will represent one-third of the nation’s population. Though the youngest members are still in first grade, their overall impact is extensive.
Due to the closeness in years between Millennials and Generation Z, it is easy to blur the line between the two. But as anyone who owned a BlackBerry ten years ago can tell you, a lot can change within a short period of time.
One of the biggest mistakes companies could make is treating Generation Z the same as the Baby Boomers, Generation X, or even the Millennials. Each generation is affected by their environment and receptive to different things, and Gen Z is no different. It’s a new time, and new tactics are needed to reach this market.
1. Do Embrace Social Media
Gen Z has never lived in a world without the internet. It is estimated that 73% of Gen Z owns smart phones. We are comfortable with technology and use online platforms and social media for the majority of our communication. We expect to be connected to the virtual and physical world at all times. Your products must also have this dual existence. Euclid Analytics’ CEO Brent Franson says, “online is the efficiency, offline is building the experience…The king or queen of retail will master both online and offline.”
2. Don’t Make Them Wait
“I like my products the way I like my ACT results: quick.” A good friend of mine recently said this while explaining why he loves Amazon. Generation Z is used to instant gratification and impulsive decisions. We are used to having the answers immediately at our fingertips, and something just as simple as a long load time, a difficult to navigate website, or long lines will turn us away.
3. Do Get Influencers
The influencer marketing platform, MuseFind, discovered that 92% of consumers trust an influencer more than an advertisement or traditional celebrity endorsement. This is because influencers are authentic. They are everyday people using Snapchat, YouTube tutorials, or blogs that we have built relationships of trust with. We follow their stories and rely on their opinions as real people just like us. Although, as soon as the authenticity is gone or the content is poor, we will unsubscribe and move on.
4. Don’t Rely On Brands
Brand loyalty is not the same as it once was. With so much information flooding in, we are not blind lambs waiting for directions. If a brand has shoddy workmanship, the name won’t save it. The price should be reflective of the value, and if it is not up to standard, Gen Z is not afraid to switch brands. Also, keep in mind, Gen Z is big into individualism and creating our own personalized brand, we don’t want to be walking advertisements.
5. Do Be Transparent
If your company is hiding skeletons in the closet, be prepared to start cleaning. Through sites such as Yelp, transparency is more relevant today than ever. Prospective customers can learn everything from where products are made, to what a company stands for, and all of this matters to Gen Z. Kyle Andrew, the CMO of American Eagle Outfitters, says, “Gen Z seems to really care about engaging with brands that have values that align with their own…You can’t just make stuff: You have to stand for something.”
Businesses must be prepared now to change their traditional methods to appeal to this next generation, because they may not get a second chance. The online group committed to building a better world, EY, says, “Gen Z’s low threshold for mistakes and ‘system issues’ will make Millennials look like patient saints.”
As the world changed for Millennials, it must change once again. Gen Z is informed, impatient, and fast paced. And they are quickly becoming the largest generation with significant buying power. If companies don’t begin adapting now, they may never be able to catch up.
Stirling Properties Awarded Management and Leasing Contract of Ambassador Plaza
Stirling Properties commercial real estate company has been awarded the management and leasing contract for Ambassador Plaza in Lafayette, Louisiana.
Ambassador Plaza, shadow-anchored by Albertsons, is a 29,405-square-foot retail center located at the corner of Ambassador Caffery Parkway and West Congress Street. It is 92% leased and has a great mix of retail and restaurant options. Tenants include Fruiti Smoothie, Little Caesars, Lotus Garden, Luxurious Nails, Omega Dentistry, Planet Beach, Saigon Noodles, Style America, Subway, The Jambalaya Shoppe, WellCare, and Wingstop.
The retail center was recently acquired by a local ownership group that has contracted with Stirling Properties for asset management services.
“Stirling Properties is excited to add Ambassador Plaza to our growing commercial portfolio. We have been active in the Lafayette market for quite some time and have a great management and leasing team as well as support staff on the ground. We look forward to working with the new ownership group to create the best return on investment for their asset,” said Donna Taylor, Sr. Vice President of Asset Management & New Business with Stirling Properties.
Stirling Properties manages nearly 18 million square feet of commercial property, with 120 million square feet of property and land for sale or lease. Other Stirling Properties management and development projects in Lafayette include Ambassador Town Center, Stirling Lafayette, River Marketplace, and the 1819 Pinhook Office Building, just to name a few.
For asset management information, contact Donna Taylor at (985) 246-3758 or dtaylor@stirlingprop.com.
Stirling Properties Awarded Management of Pinnacle Nord du Lac in Covington
Stirling Properties commercial real estate company was recently awarded the facility management contract of Pinnacle Nord du Lac retail center, formerly known as Colonial Pinnacle Nord du Lac in Covington, Louisiana.
Pinnacle Nord du Lac, a regional shopping center owned by Dallas-based Cypress Equities, is located on the northeast corner of Interstate 12 and LA Highway 21. Currently, Pinnacle Nord du Lac is comprised of 327,000 square feet of existing retail space, with an additional 162,000 square feet of future retail expansion planned. The retail center is 97% leased, and anchor tenants include Kohl’s, Academy Sports + Outdoors, Hobby Lobby, and Petco, as well as multiple restaurant options. Corporate Realty handles leasing for the property.
Cypress Equities recently acquired Pinnacle Nord du Lac and is beginning construction of its Phase II to complete parking, drive-aisles, and buildings for 94,500 square feet of new lifestyle shop space that will be available in the summer of 2017. This lifestyle component will include local, regional and national fashion and restaurant selections.
“Stirling Properties is excited to take on the management duties of Pinnacle Nord du Lac and to see the property evolve. The new ownership group at Cypress Equities is very motivated, and we look forward to working with them to enhance this asset,” said Donna Taylor, SVP of Asset Management & New Business for Stirling Properties. “There is much potential here with plenty of room for future expansion. A new residential component on the neighboring property and future parish developments will also be positive contributors to the success of this center.”
Stirling Properties developed and manages the adjacent River Chase mixed-use center on the southeast corner of Interstate 12 and LA Highway 21, which houses national anchor tenants such as Target, Sam’s Club, Best Buy, Belk, JCPenney, Cost Plus World Market, Michaels, ULTA Beauty, and Regal Cinema.
Stirling Properties manages more than 17 million square feet of property, with more than 98 million square feet of property and land for sale or lease. Other notable Stirling Properties projects in the area include Premier Centre (Mandeville), Fremaux Town Center (Slidell), Hammond Square (Hammond), and Northpark Corporate Center (Covington).
For more information on Property Management/Asset Management, please contact Donna Taylor at dtaylor@stirlingprop.com or (985) 898-2022.
Stirling Properties Awarded Management Of PMAT’s 1,000,000 SF Retail Portfolio
Stirling Properties commercial real estate company has structured a new partnership with PMAT Real Estate Investments to manage the company’s growing portfolio of anchored shopping centers located across the Southeast, Sunbelt, Carolinas, Mid-Atlantic, and Midwest. This partnership will enable the complementary firms to create a scalable platform for the continued growth of both Stirling Properties and PMAT.
After disposing of approximately $200,000,000 of assets in the preceding years, the current PMAT portfolio consists of assets in Georgia, Florida, South Carolina, Tennessee, and Virginia as well as several centers in the acquisition pipeline and is well capitalized for continued growth in their target markets.
“Stirling Properties is thrilled to gain the property management contract for these centers—and to expand our portfolio and geographic footprint into new markets,” said Donna Taylor, SVP of Asset Management & New Business. “We look forward to working with PMAT Companies to enhance the asset performance and value. Our team of trusted experts is in motion working diligently to deliver optimum results for the property owners!”
“This partnership is a very good marriage for our two firms. Based in our own backyard, Stirling Properties is a trusted, best-in-class management company with significant operational expertise and an owner’s mindset,” said Kevin Kush, President of PMAT. “With Stirling Properties’ support network of talented professionals, PMAT will be able to focus on portfolio expansion and executing our value-add investment platform. After our recent dispositions and strategic partnerships, our platform is now more scalable and better capitalized for growth than ever before.”
PMAT was founded in 2003 by Robert Whelan, the former CFO of a NYSE REIT. Since that time, the company has invested in nearly 4 million square feet of anchored shopping centers with combined acquisition and disposition transaction value of over $1,000,000,000. These investments comprise an array of redevelopments of grocery-anchored centers including experience with such grocers as Publix, Kroger, Winn-Dixie, Lowes Foods, Food Lion (Delhaize), Giant (Ahold), Sweetbay, and Bravo as well as an array of national and regional tenants ranging from traditional soft goods tenants like Ross, T.J. Maxx, Marshalls, and Bealls to alternative users such as YouFit, Planet Fitness, Bargain Hunt, Paragon Theaters, Cinepolis, Jumpstreet, and Altitude Trampolines. For more information on PMAT, please contact Ben Bolz at Ben@pmat.net.
Stirling Properties currently manages more than 16 million square feet of property, with close to 114 million square feet of property and land for sale or lease.
For more information on Property Management/Asset Management, please contact Donna Taylor at dtaylor@stirlingprop.com or (985) 898-2022.
Stirling Properties Welcomes The Home Depot to Hammond Square
Stirling Properties commercial real estate company is pleased to announce that The Home Depot is coming to Hammond, Louisiana, as part of the Hammond Square redevelopment. This will mark the first Tangipahoa Parish location for the long-awaited home improvement retailer.
The Home Depot closed on the acquisition of 9.65 acres of property located on the corner of West Minnesota Park Road and South Magnolia Street on the north side of the shopping center. Construction on the site is anticipated to commence by the end of the year. The store will occupy roughly 106,000 square feet of space with an adjoining 28,000-square-foot garden center, and is expected to open in 2017.
“We are excited that The Home Depot has chosen Hammond,” said City of Hammond Mayor Pete Panepinto. “The Home Depot brings more jobs and consumer choices that are critical to Hammond’s continued growth.”
The Home Depot is the world’s largest home improvement retailer with nearly 400,000 associates and more than 2,200 stores in the US, Canada and Mexico. The Home Depot at Hammond Square will offer a one-stop shop for do-it-yourselfers and professional contractors, with more than 35,000 products in store and 1 million products online.
“Stirling Properties is thrilled to welcome The Home Depot to Hammond Square and to the Hammond retail market,” said Grady Brame, Executive Vice President at Stirling Properties. “The Home Depot was one of the first retailers we targeted when we decided to redevelop the mall back in 2006. This addition has been a long time coming and we are happy to see it finally come to fruition.”
Hammond Square is Tangipahoa Parish’s premier shopping destination, located on approximately 100 acres at the northwest corner of Interstate 12 and US Highway 51 Business (SW Railroad Avenue) in Hammond, Louisiana. Anchored by Dillard’s, Target, Sears, JCPenney, Academy Sports+Outdoors, and AMC Theatres, the 850,000-square-foot shopping center offers a dynamic mix of national and local retailers, shops and restaurants. Stirling Properties developed Hammond Square and currently manages and leases the center.
Tenants include Academy Sports+Outdoors, Albasha Greek & Lebanese Restaurant, AMC Theatres, Bellagio Salon & Spa, Best Buy, Books-A-Million, Bra la Vie (coming spring 2017), Cato, Charming Charlie, Claire’s, Dillard’s, East of Italy, Foot Locker, GNC, Great American Cookies, Hibbett Sports, JCPenney, Justice, Kay Jewelers, Maurices, Menchie’s Frozen Yogurt, Nagoya Sushi & Japanese Steakhouse, Norris & Co. Salon, Obsession, Popcorn Bistro, Rite Aid, rue21, Sears, Shane’s Rib Shack, Shoe Dept. Encore, Sport Clips, Target, The Children’s Place, The Home Depot (coming 2017), T.J.Maxx, ULTA Beauty, Which Wich Superior Sandwiches and Zales. Outparcels tenants include Chase, Olive Garden, Raising Cane’s, Santa Fe Cattle Co., Smoothie King and Verizon.
For sales and leasing information at Hammond Square, contact Rhonda Sharkawy at rsharkawy@stirlingprop.com or (504) 620-8145.
Exit 16 and Rock N Roll Sushi Join Tenant Lineup at Fremaux Town Center in Slidell, Louisiana
Stirling Properties and CBL & Associates Properties, Inc. are pleased to announce and welcome new tenants to Phase II of Fremaux Town Center in Slidell, Louisiana.
Exit 16 women’s clothing boutique has leased 2,223 square feet of space and opened for business last weekend. This marks the 2nd retail location for the Mississippi-based company.
Rock N Roll Sushi will occupy 2,040 square feet of space and is also expected to open early next year. This is the 2nd Louisiana location for the sushi restaurant franchise.
Ryan Pécot, Stirling Properties’ Senior Retail Leasing & Development Executive, handled both transactions.
Previously announced, Albasha Greek & Lebanese Restaurant is still on track to open mid-November, and Smoothie King, Pacific Dental Services and Chipotle Mexican Grill are expected to open in the first quarter of 2017.
Fremaux Town Center, anchored by Dillard’s, Dick’s Sporting Goods, Kohl’s and Best Buy, is a roughly 350-acre regional mixed-use development located at the southwest corner of Interstate 10 and Fremaux Avenue in Slidell, Louisiana. The center includes approximately 635,000 square feet of retail and restaurant options, as well as Springs at Fremaux Town Center’s 296 luxury residential apartment units, and Springhill Suites by Marriott now under construction. Additional phases are coming soon with added retail and office park.
Tenants include Albasha Greek & Lebanese Restaurant (coming late 2016), Allure Spa, Aveda, Bath & Body Works, Bellagio Nail Spa, Best Buy, BJ’s Restaurant & Brewhouse, Books-A-Million, Buckle, Capital One, Carter’s, Charlotte Russe, Cheddar’s, Chico’s, Chipotle Mexican Grill (coming early 2017), Claire’s, Dick’s Sporting Goods, Dillard’s, dressbarn, Felipe’s Mexican Taqueria, Five Below, Five Guys Burgers & Fries, Forever 21 Red, Francesca’s, GNC, Goodyear, Great American Cookie Company, Journeys, Kirkland’s, Kohl’s, LA Fitness, Lane Bryant, LensCrafters, LOFT, Longhorn Steakhouse, Luxe 83, Marble Slab, Massage Envy, Mattress Direct, Michaels, Off Broadway Shoe Warehouse, Pacific Dental Services (coming early 2017), Panera Bread, Payless Shoes, PetSmart, Pier 1 Imports, Rack Room Shoes, Red Robin, rue21, Smoothie King (coming early 2017), Sports Clips, Springhill Suites by Marriott (coming 2017), Starbucks, Tesla (charging stations), T.J.Maxx, Torrid, Ulta Beauty, Verizon Wireless, Versona, Victoria’s Secret, Which Wich and Zales.
Fremaux Town Center is currently 97% leased, and jointly owned by affiliates of CBL & Associates Properties, Inc. and Stirling Properties, LLC. Stirling and CBL manage and lease the property.
For leasing information, contact Ryan Pécot at 337.572.0246 / rpecot@stirlingprop.com or Tim Gilmore at 423.490.8358 / Tim.Gilmore@cblproperties.com.
