The playbook for neighborhood and lifestyle centers five years ago has been superseded, Placer.ai says in a new white paper. Apparel anchors and department stores have given way to a service-first tenant mix.
In The New Tenant Mix Playbook, Placer.ai discusses which tenant classes have experienced traffic declines in recent years and which have gained traction. The white paper also discusses the new parameters for tenant evaluation.
“Landlords should look beyond square footage and traditional anchor status and evaluate tenants based on metrics like visit frequency, traffic growth, e-commerce risk, and dwell time,” the white paper states.
Lifestyle centers and neighborhood centers now entail different ecosystems, according to Placer.ai. The new anchor tenant classes can strengthen their centers in different, states the white paper. And while apparel on the whole has lost its traditional anchor role, there’s a notable exception to the rule: off-price tenants.
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