Malls was the word of the day at the Commercial Real Estate Women of New Jersey panel discussion on Wednesday.
Retail experts and commercial real estate leaders shared their take on the changing landscape of retail and food, and the redevelopment of Bell Works in Holmdel.
The panel was composed of Marta Villa, Nancy Erickson, Todd Burton and Richard Corbo.
“If you’re going to be competitive, you need to be compelling,” Burton, the director of business partnership and development for Madison Marquette, said.
Erickson, the executive managing director for Colliers International, said that her firm has seen a change in the tenant base, especially in malls, due to the need to address the demands of the customers.
“They (customers) are asking for entertainment, healthy food, something that they can’t order online or something that they can order online, but they want to see in person before they do,”
Colliers is the retail broker at Bell Works. Erickson led a tour through the facility after the event.
Villa, the senior vice president for JLL, concurred with Erikson, but added that the customers now demand an experience, such as Sky Zone, a trampoline park, and the indoor skydiving center iFly.
“Any shopping environment is experimental-based,” Villa said. “Brick and mortar stores are experiential. Online is not experiential … you’re seeing uses that are non-traditional retail go into the entry point to a major mall.”
The panel was moderated by Joshua Burd of Real Estate NJ.