Page 13 - 2019 Colliers Forecast Book
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Colliers International | West Michigan  13

                                                                                             Von Maur at the Woodland Mall


          The retail landscape has recently been stigmatized by big-box  a new 20,000-square-foot Recreational Equipment, Inc. (REI).
          store closures and the increased popularity of online shopping.  Woodland Mall has been a staple in the community, and as
          Many have predicted the demise of brick-and-mortar and have  The Shops at CenterPoint have undergone its transformation,
          seen store closures as a sign of physical locations becoming  the mall has re-imaged itself as well as a way to compete.
          less relevant. In West Michigan, Sears, MC Sports, and Family
          Christian Bookstores have closed, yet retail vacancy has  As large retail stores vie to stay relevant, we are also seeing
          dropped below 8 percent. This past year was characterized  smaller, newer stores, many of whom started online, step into
          by creativity and fi nding new ways to utilize old space. As  physical space. Last year we talked a lot of about physical
          the retail landscape changes, prime locations still remain a vital  stores gaining an online presence, however, we are now
          component to retail placement.                       seeing that trend reverse.  For retailers, an omni-channel
                                                               approach is vital. This allows customers to experience the
          In 2018 many of the historically active retail corridors  brand via multiple avenues, which includes a digital and
          experienced growth, notably Alpine Avenue, East Beltline, and  physical approach. According to the International Council
          28th Street SE with Woodland Mall continuing its $100 million  of Shopping Centers (ICSC), when a company opens a new
          renovation. New retailers include department store Von Maur,  physical store, it equates to a 37 percent increase in online
          Black Rock Bar & Grill, Urban Outfi tters, Altar’d State, and  traffi c for the brand within the market, something referred to as
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