Retail's Nimbleness
Kinetic Cos' Joel Moyes wears many hats—he's co-owner of his firm, an avid golfer, and a guitar player (just not at the same time). Now he can add another feather to his cap: ICSC state director for Arizona and New Mexico. So what better person to get a sense on how retail is doing? He tells us retailers here have slowly been taking more space overall. Although there's been some positive absorption in Phoenix, they're certainly doing more with less.
While same-store sales remain important, retailers need to emphasize mobile apps and congruent online shopping experiences. “There's no combating it. You either adapt or you die," he says. (Wasn't that the motto of Napoleon's army?) His firm recently bought Erindale Shopping Center, a 200k SF REO retail center in Colorado Springs and the third it's purchased from CWCapital. He says the firm's in acquisition mode, but he and partner Jeff Hawke are being highly selective.
