TUSTIN, CA—As the retail sector continues to redefine itselfpost-recession and among the growing presence ofe-commerce, various categories within the sectorare undergoing radical changes. Among those categories is theneighborhood center, once dominated bybig-box retailers and now finding a new face.GlobeSt.com spoke with Matt Hammond, director ofretail brokerage for Southern California-based Coreland Cos., who told us exclusively howthis category is changing and where its future opportunitieslie.

GlobeSt.com: How have neighborhood shopping centersevolved post-recession?

Hammond: Today's neighborhood centerbasically starts with everyday needs, things you cannot get on theInternet: a grocery store—and this includes ethnicor specialty grocery stores—drug store, hair salon, dry cleaner,pharmacy, fitness center. If you're a prospective buyer, you wantthe center to have a strong grocery store and strong servicetenants as opposed to a clothing store orHallmark store that might not be around in fiveyears—places where customers make weekly trips to buy groceries,get prescriptions filled, get their nails done, and eat.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.