Retail Resilience and Growth: Insights from the 2023 ICSC NY
Last week, industry leaders gathered at the Jacob Javits Convention Center for the recent ICSC Deal Making event in New York, where optimism abounded, highlighting the robust state of the retail sector. With the national vacancy rate at a historic low of just under 5 percent, attendees expressed confidence in retail’s resilience and the enduring consumer preference for brick-and-mortar shopping experiences.
The MCB leasing team played an active role in the convention, working to strengthen connections and attract retailers to our high-traffic, high-growth hubs nationwide.
“Currently, it would take very special circumstances to get us to consider building a new shopping center without having a grocery store tenant in tow,” said P. David Bramble, Managing Partner, and Co-Founder, MCB Real Estate.
In an interview with City Biz at the show, P. David Bramble, Managing Partner and Co-Founder of MCB Real Estate, emphasized the ongoing significance of grocery stores in the ever-evolving retail landscape, citing their critical role as anchor tenants when building new shopping centers. MCB’s recently developed shopping centers, such as Streets at Northwood Commons, ShopRite at Drexeline Town Center, and Streets Market at Yard 56, showcase a commitment to providing fresh food options for the community.
The City Biz article highlights the importance of adapting to evolving consumer preferences, citing Wegmans Food Markets’ reduced-format store as an example. For a comprehensive exploration of the trends shaping the retail landscape, diverse concepts showcased at the convention, the importance of the landlord-tenant relationship, and the industry’s overall optimism heading into the new year, read the full article by Larry Lictenhauer published in City Biz.