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A Success Story During a Retail Recession Punch Neapolitan Pizza FEBRUARY 2012 Minnesota Shopping Center Association Vol 26. No. 2 In this Issue Success Story ---------- FEATURE 1 Punch Pizza ----------- SNAPSHOT 1 Gent Cuts ------------- RISING STAR 3 Driessen/Wittrock - MEMBER PROFILES 5 Deals, Trends etc - PROGRAM RECAP 6 Legislative Update -----------7 Connection Feature by Natina James, RSP Architects A Success Story during a Retail Recession you’ve shopped at some of the Twin Cities regional mostly due to a weak labor market and low consumer malls recently, you may have noticed the start or finish confidence, why do mall owners invest in such large scale of renovation projects such as Southdale, Mall of improvements? America,If and Maplewood Mall. These properties are putting According to Maureen Bausch, Mall of America’s executive significant investment into new pylon and monument vice president of business development, it was a key signage, exterior entries, interior mall common spaces, business decision. “We had commitments from retailers new updating top to bottom flooring, paint, ceilings and lighting. to our regional market who would sign leases if mall This may be a surprising commitment of funds during a walkways, or boulevard upgrades occurred. “Mall of downtime in the retail industry when so many retail America, known for housing a strong collection of nationally companies are employing cost-saving measures and sought after retailers, prioritized their requests. As a result, scaling back on investments, especially property South Avenue was transitioned into a luxury destination, development and enhancements. touting tenants like Desigual, Michael Kors, Armani A/X and Burt Flickinger, director of retail consultancy Strategic Stuart Weitzman. Southdale Mall, purchased by Simon in Resource Group recently noted that “the U.S. has entered a 2007, will begin renovations this summer/fall. The mall has 500 day retail recession, and before it’s over, the U.S. will see suffered through the recession with a major anchor vacancy weaker retail sales, more store closures and even additional for five years and experiencing a 13% vacancy rate retailers joining Borders in bankruptcy.”1 Given this trend, according to Cushman & Wakefield.2 The renovation will Snapshot Concept Description: Quick-casual concept, focused on authentic Punch Neapolitan wood-fired neapolitan pizza. 16-years-old, Twin Cities-based Website: www.punchpizza.com Number of Units: 7 Pizza Current Locations: Highland Village, Eden Prairie, Lake Calhoun, Northeast Minneapolis, Wayzata, Grand Avenue, Stadium Village Type of unit: Corporate Owner: John Puckett and John Soranno Growth Plans: Focused on metro area next 5 years, 1-2 stores per year Total/Typical SF: Approximately 2,100 sf Typical Site Characteristics: Good visibility and parking, high energy retail area, high quality co-tenants, outdoor patio Real Estate Representative: Mike Finkelstein, The Ackerberg Group Architect: Natina James, RSP Construction Contractor: Vern Olson Additional Facts/Narrative: Punch has experienced healthy sales growth in this difficult retail environment. Customers are increasingly valuing high quality foods, served efficiently. The pizza cooks in 90 seconds at over 800 degrees. Development concentrated in established retail markets along and inside of the 494/694 ring, with priority to Edina and Roseville locations. msca-online.com 1 MSCA Connection February 2012 Success Story - continued 2012 Sponsors bring a new anchor, Herberger’s, and generations. Bricks and mortar stores must should build momentum to sign new seamlessly merge their inventory, ACI Asphalt Contractors, Inc. tenants and improve existing relationships. distribution and management programs Aspen Waste Systems, Inc. with their online partners. They must provide Other strategies to attract and maintain Barna, Guzy & Steffen, Ltd. service, expertise, convenience and customers include creating destination Bremer Bank, N.A. experience. The customer must have a dining, family restrooms, kids’ play areas CBRE “seamless” experience – remember when and hot spots for wireless internet and other the customer was always right? There is no CSM Properties media. Locally, Maplewood Mall has one answer to what retail should be, but to Chuck & Don's Pet Food Outlet renovated its existing restrooms as well as experience some very different solutions to Colliers International | adding family restrooms and nursing the same problem – turn on that computer, Minneapolis-St. Paul lounges. Developers are experimenting with iPad or phone and go shopping on Cushman & Wakefield/NorthMarq other interesting ideas to attract or keep Amazon.com. Then hop in your car and Cutting Edge Property men in their properties longer. Some have stop in at Apple and go across the street to Maintenance created a living room with soft seating and Best Buy. Which were successful? Was it Doran Construction televisions offering news and sports. We frustrating not having an expert to talk to Faegre Baker Daniels LLP hope to see it appear at some properties in online or did the numerous reviews and Fendler Patterson Construction, Inc. town this fall. video suffice (as offered by Amazon)? Were Fredrikson & Byron, P.A. Investment in technology the Apple employees knowledgeable? Did Gray Plant Mooty the store have what you wanted in stock? If Great Clips, Inc. Notice how when you surf the web, ads not, could they have it shipped to the store H.J. Development, Inc. tailored to your recent search history pop for free? Could you pay for your item right Inland Real Estate Corporation up on the screen? Imagine a store that where you were standing (the employees knows your shopping history, preferences utilize a mobile device to run your credit Jones Lang LaSalle and sizes, and when you walk in the door, card)? One analyst signaled out Best Buy as Kraus-Anderson Companies you are greeted with a text listing items that an example of a poor in-store customer Larkin Hoffman Daly & Lindgren Ltd. might interest you. The stores may not be experience. “The ‘shopping environment’ is The Lawn Ranger Outdoor Services there yet, but it’s starting to happen. the opposite of fun and informative. It’s Leonard, Street and Deinard “Haydock sees the in-store experience depressing and humiliating, as in ‘I can’t M & I, a part of BMO Financial increasingly meshing with and mimicking believe I had to go to Best Buy to get this.’”4 Group what happens online and a time when Customers want access to knowledgeable MFRA, Inc. customers will be given incentives to employees instead of seeking out McGladrey identify themselves the moment they step in employees who do not know the products. Messerli & Kramer P.A. the store through some type of Brick and mortar retailers need to transform Mid-America Real Estate – technology.” Some retailers and owners are their liabilities of physical locations with Minnesota, LLC already investing in new technology. limited hours, high labor costs and inventory Midwest Maintenance & Shopkick is an example of retailers using investments into assets that complement Mechanical, Inc. communication through smartphones to their brand, expertise and overall Minneapolis/St. Paul Business have customers earn points upon checking experience.5 Journal 3 into the local store. More traditional Minnesota Real Estate Jo urnal Regardless of available technology, society promotions through technology bring in Oppidan, Inc. customers. The Event Rotunda at Mall of always needs gathering places and public The Opus Group America unveiled an approximately 24’x13’ spaces. Regional malls have supplemented Paster Enterprises LED television and a new Bose sound historical gathering places such as city system. This allows more people to enjoy centers. Bausch emphasized that the Prescription Landscape events by improving sight lines and sound success of renovation is the attraction of RLK Incorporated from every location and level in the the new tenants, but the renovated Regis Corporation Rotunda. They’ve also introduced new environment certainly helps too. Worldwide, Robert Muir Company a retail renaissance is occurring based on digital “on-mall signage” (basically two LED Ryan Companies US, Inc. the observations that brick and mortar screens back to back) which improves the TCF Bank existing advertising program. Now tenants stores can provide the same benefits as online shopping, in addition to a pleasant TCI Architects/Engineers/ have an affordable and easy way to Contractor, Inc. shopping experience itself, and the instant communicate information, including new Target Corporation gratification of a purchase. The future of tenant announcements. The electronic U.S. Bank displays are the sustainable way to deliver consumerism is urban, which in turn is United Properties information, increase the amount of experienced through a retail culture. In Venture Mortgage Corporation retailers advertising, and provide fresh, new other words, consumers still enjoy shopping content in comparison to the existing for products and services in the real world Weis Builders, Inc. printed banner advertising program. more than ever, and Mall of America, with Wells Fargo Bank, N.A. its new upgrades, can deliver on that Westwood Professional Services, Inc. What about the internet? promise. Wipfli LLP-CPAs & Consultants Internet shopping has replaced catalogue It takes a commitment to develop and shopping for many in the younger maintain an evolving customer experience, continued on page 7 MSCA Connection February 2012 msca-online.com 2 Rising Star by Andy mcDermott,
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