How JLL's Boutique Retail Property Management Leasing Team Sets The Vision For Projects Across The U.S.

Today's upscale shoppers aren't just looking for the latest fashions or a quick bite to eat. They are seeking an experience that will make them feel like part of a community rather than simply shoppers visiting a generic mall.

That sort of experience doesn't come about by accident. 

JLL’s 10Twelve boutique retail property management leasing team works to ensure a property's mix of retailers and restaurants has a vision, is cohesive and relevant to residents and visitors, and is profitable, said Molly Morgan, executive vice president of retail leasing.

“These developments are anchored by trendy and emerging retailers and captivating entertainment concepts,” Morgan said. “It's also not unusual for the mix to include chef-driven or first-to-market restaurants. These concepts contribute to a community experience, such as lunch with coworkers and then again in the evening with family or friends.”

What distinguishes the team’s work at the nearly 6M SF it has consulted on across the country is that it is performed with “intentionality,” said Allie Spangler, an agency leasing manager with the JLL team who is based in Atlanta.

JLL has projects nationwide, but it never takes a cookie-cutter approach. The team knows that what worked at one location might not get the same results elsewhere.

“Coming up with an intentional merchandising strategy is one of the most critical pieces of any mixed-use development today,” Spangler said. “You must understand your local market on a granular level so you can curate a retail mix that caters to the local community and also stands the best chance of being successful and profitable.”

Kristin Grove, California-based senior vice president of leasing for JLL, said every successful project has a unique identity.

“It is critical to develop a story as to what makes a certain project special and stand out,” Grove said. “This helps guide our team to create a unique experience and the most effective merchandise mix.”

This is a dramatic difference from the way most retail developments were laid out in the past. The local shopping mall was often anchored by the same department store brand as another mall across town, with a similar mix of smaller retailers sprinkled across a nearly identical floor plan.

Morgan said that formula won’t work today for higher-end properties because the target audience is seeking an experience that combines shopping with dining and entertainment. In this new paradigm, the anchor tenant is more likely to be a restaurant or entertainment concept than a big-box retailer, which helps maintain an 18-hour life cycle for the property. 

“Creating a retail merchandising strategy today goes beyond just filling a space and driving the highest rents,” Morgan said. “We work hard to determine what will be the highest use of that space to create the best experience for visitors and set the property apart from others.”

This requires the JLL team to understand the minutiae of what local shoppers want and to stay on top of broader trends in retail. They go about this in a variety of ways, including by simply experiencing retail for themselves.

“Living in LA, I have a front-row seat to many of the hottest lifestyle trends because the boutiques, gyms and streets here are filled with the latest in West Coast fashion,” Grove said. “I also travel a lot and love to see what is unique and cool in other cities.”

Trends and new ideas also can be gleaned online from Instagram, Eater and other sites, Morgan added. 

But one of JLL’s competitive advantages is the expertise and depth of talent available in-house, she said. This is particularly important because its retail projects are often integral to larger mixed-use developments. 

Morgan said JLL’s global real estate and research teams are important resources for her team, as are its experts in office, multifamily and other asset classes. They also seek the input of JLL brokers who understand the local market best.

“Creating a vision for a project is a big piece of what our team specializes in, and it's a long and fluid process,” she said. “You have to make sure you're staying on top of trends, and what's helpful is we have amazing research, experience and support behind us.”

Microtrends are important, too, which is why JLL uses tools such as Placer.ai to measure foot traffic and Pinpoint for risk analysis.

“We study a market to home in on what consumers need: What is missing from their local options? What's going to keep them coming back?” Morgan said. “Using all of our tools, resources and data, we curate the perfect mix for a project.”

JLL has projects and different asset types across the country, including La Encantada in Tucson, High Street in Atlanta and Birkdale Village in Huntersville, North Carolina. 

“We pride ourselves on our teamwork, and we like to think we are part of our client's in-house leasing team,” Morgan said. “We are aligned on strategy and do what makes sense for their unique vision because they are the ones who are creating legacies in these markets. We want to make sure that they are impactful and achieve what they're looking to do.”

This article was produced in collaboration between JLL and Studio B. Bisnow news staff was not involved in the production of this content.

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