Since 1971, Marcus & Millichap has provided the commercialreal estate industry with a multitude of investment services. As aleader in the private client market segment, which comprisesapproximately 80 percent of all commercial property sales, Marcus& Millichap is the nation's most active commercial real estatefirm focused on brokerage and financing. The firm'sindustry-leading Net Leased Properties Group and National RetailGroup are major influencers in the retail commercial propertysector. Scott M. Holmes, Marcus & Millichap senior vicepresident and national director, retail leads both divisions.
Blending of Online and In-Store Retail
The retail sector hasundertaken a dramatic transformation to better compete in thedigital age. Retail businesses are leveraging their core strengthswhile bolstering online systems and capabilities to seamlesslyintegrate the convenience of e-commerce with in-store expertise atbrick-and-mortar locations. This offers customers amulti-dimensional platform that makes shopping a more diverseexperience. Concepts like in-store pickup and home delivery havebeen popularized by the blending of physical and online retail,offering consumers a combination of shopping channels. While theinternet has historically struggled to find its place withinphysical retail, new omnichannel integration is helping them mesh,creating new opportunities.
Retail Categories that are Thriving
Retail spending hasfluctuated during the past few years as the sector's transformativestage has impacted in-store sales. However, several categories haveoutperformed during this evolutionary transition. Food and drinkestablishments continue to attract customers and consumers nowspend more dining out than they do at supermarkets. Experientiallayouts have driven higher foot traffic at bars and restaurants,even growing the segment to near-anchor status for some retailcenters. Fitness clubs and fun retailers, such as bowling alleysand trampoline parks, are also posting considerable growth. With anincreasing number of traditional big-box retail vacancies, theselarger-format businesses have a range of expansion optionsavailable. Furniture vendors and fashion clothiers are alsowitnessing strong sales as disposable income levels have reachednew highs.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
