Shopping Centers Converging in More Ways Than OneAt ICSC's New York Dealmaking, developers and retailers seek new formats and try to determine how brick-and-mortar can thrive against the online onslaught.

[Collection]International Council of Shopping Centers president Tom McGee is a glass-half-full type of person. Discussing the proliferation of pop-up shops and the factors that led to their unprecedented rise — including the glut of vacant retail space, a result of bankruptcies and store closures, and retailers’ reluctance to sign long-term leases at pre-correction rents, McGee said, “It’s where we are at this point in the retail renaissance.” The world renaissance may be a bit too upbeat for an industry that’s seen national chains shutter, bankruptcies and downsizings, the encroachment of Amazon, and consumers who, despite positive economic indicators, are showing restraint in spending. “Broadly, I’m an optimist,” said McGee. Some would say the industry is in the midst of a reckoning rather than a retail renaissance, with supply and demand being shaped by new forces, including Millennials and Gen Z consumers for whom shopping in physical stores has never been a foregone conclusion — actually far from it. If not a time of reckoning, shopping center executives might be in the mood for a little introspection to iterate on mall design and find the right ratio of stores, restaurants and entertainment venues. The pop-up craze, which shows no signs of abating, “is symptomatic of the

Follow WWD on Twitter or become a fan on Facebook.

Read More...https://wwd.com/business-news/real-estate/shopping-centers-converge-food-entertainment-stores-1202920052/