Where the New Retail Space Is Being Built (Hint: It’s Not in Malls). Pedestrian-focused developments sprout up alongside new housing; ‘walkability’ is key.
Despite a glut in U.S. retail space, some developers are building more, just not in the form of malls but alongside new homes in smaller chunks than before.
The target clientele: younger and even some older Americans who are looking for cheaper housing in the suburbs but favor areas with urban trappings such as restaurants, offices and shops.
These projects, often joint ventures between a housing developer and a developer with retail expertise, are sprouting up around the U.S., especially in Florida, Massachusetts and Arizona. The focus is on a design that is pedestrian-centric, where residents would have to walk only short distances to get to the grocery store, shops or the gym.
“The single biggest change is walkability,”…