Retail Needs More Than Just Shopping
Large retail properties have to compete harder than ever for customers and tenants, but it's doable, Vestar CEO Rick Kuhle tells us. Just provide a reason to come in addition to shopping.
"We're focused on enhancing the experience at Tempe Marketplace," says Kuhle, referring to one of Vestar's properties. The goal is to continue implementing new marketing programs and community-oriented events that make it a more experiential destination. For example, the Let Joe Know consumer problem solvers came to the property today; this weekend, there's an Aerosmith tribute band playing. Snapped at Vestar's 25th anniversary party about a year ago: Vestar's Paul Rhodes, Pam Bentle, Rick and David Larcher.
Vestar and AEW Capital Management recently partnered to acquire Tempe Marketplace for $367M. Vestar previously owned the 1.3M SF open-air retail center, which it completed in 2007, with Rockwood Capital, which exited after a five-year hold. AEW acquired the property on behalf of the AEW Core Property Trust. The pedestrian-oriented village town center is fully occupied and recently signed up some new tenants, including F21 red (Forever 21’s newest concept store), H&M and Nordstrom Rack.
