Sector
UPDATE
R E TA I L
Fitness centers have taken many vacant big boxes and expanded throughout the Valley. Value operators such as VASA Fitness, EoS Fitness, Planet Fitness, Anytime Fitness have added more than a dozen stores in the last year. All tout low entrance fees and low monthly fees. Restaurants have seen a surge of quick-serve options which appeal to Millennials and time-strapped families. These concepts have limited table service, usually do not require tipping, and serve good quality food that is affordable. Chains expanding include Panera, Modern Market, Salad and Go, and ethnic and poke concepts.
DARREN PITTS, Executive Vice President Velocity Retail Group
Affordable home décor has seen growth from At Home, Home Goods, Tuesday Morning, Ashley Homestore, and American Furniture Warehouse. Ross, TJ Maxx, and Old Navy have all expanded in various trade areas throughout Metro Phoenix providing attractive value in apparel. Thrift stores such as Goodwill are a welcome addition in many shopping centers with clean and well-run stores that bring vibrancy back to many secondgeneration big box spaces. Sprouts Farmers Market continues its expansion and brings value to the grocery category. Aldi, which is a new entrant to our market, promises low prices and a strong selection of organics. Both of these concepts have smaller store sizes and appeal to a broad range of shoppers.
© Copyright 2018 by MP Media, LLC
A new cycle in the retail sector has emerged over the past several years. You may have noticed this trend in shopping centers near you – the growth of value oriented tenants. From $3 car washes, quick serve restaurants, low cost fitness centers, affordable home décor and furnishings, thrift stores, and even big-box apparel stores, retail segments have all expanded during this cycle and are capitalizing on the fact that consumers appreciate and want value in their choices.
“This next cycle is proving that retailers who provide value along with quality and convenience are changing the shape of retail and securing their own stronghold on the market.” – DARREN PITTS
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