Written by Chris Wilson, EVP of Retail Brokerage, JLL
For urban apartment dwellers, a visit to a typical suburban retail box can feel like ordering a large supreme pizza for one. It’s just too much of a good thing. Traditional suburban retailers are often distant from the urban core and their supersized offerings are too big to carry home on public transportation. The selection of goods is not curated to appeal to their urban sensibilities.
While homeownership has remained stable for nearly a decade, residential rental unit occupancy has been growing.
More than half of renters are under the age of 30 and many of these young renters live in small urban apartments. Target, Lowe’s and Whole Foods each have each made forays into urban settings. Others would be smart to follow suit. National retailers will have to adapt existing prototypes in order to accommodate the unique wants of the urban dweller, as well as the unique requirements of pre-existing second-generation space.