California Centers

MAR 2018

California Centers Magazine serves retailers, developers, shopping center owners, investment sales brokers and tenant representation firms throughout the state of California.

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16 California Centers Magazine | March 2018 C C characteristics of this market and the significant pent-up demand for the proper product, as many consumers in this trade area are starved for quality goods and services," he notes. "Quite possibly the biggest single benefit for both retailers and investors entering this market relates primarily to local regulatory and governmental agen- cies maintaining tight controls on de- velopment. This limits the supply of competitive product, thereby allow- ing retailers to excel and investors to procure properties within supply con- strained trade areas." Something Old, Something New Monterey has been dealing with somewhat of a retail identity crisis over the past decade, as its roots are steadily planted in the fiction and can- ning industries of the past, while new pop culture references are introducing novel crops of tourists to the county. A growing tourism base, stalled pop- ulation base and lack of diverse em- ployment options outside said tour- ism base have further compounded a problem in a city that wants to remain attractive and cutting-edge while pre- serving its small-town charm. "National retailers are heavily de- pendent on data metrics, which in- volve a critical mass of housing," Rusher says. "They're risk-averse, so data like 'high tourist customers' or lack of major office employment mess their metrics up and it's just easier to not take the risk." The City of Monterey and the Mon- terey Commercial Property Owners Association are hoping to change that. Though the city's downtown area fea- tured Ecco Shoes, Round Table Pizza, Jamba Juice, Walgreen's, Taco Bell, Subway, Benihana, Rabobank and Wells Fargo, the association did not believe the existing mom-and-pop community could support its retail needs without additional name-brand tenants. It decided to do something about this in 2010. "Downtown Monterey has a proud history as the primary retail center for the Monterey Peninsula," states the as- sociation's Retail Market Assessment and Repositioning Strategy report. "For many years it was a healthy, vi- brant commercial destination. Howev- er, over the past few decades, custom- er shopping habits have changed...the retail tenants are local, independent retailers who do not form a retail des- tination that generates the substantial foot traffic necessary to produce solid retail revenue." The association also cited a lack of diverse, quality restaurants and an aesthetic problem as a few of the in- ternal barriers the city needed to over- come before it could begin to help re- tailers overcome the external barriers. "Some of the excitement and sur- Kimco Realty's Linda Mar Shopping Center is a 169,000-square-foot Safeway-anchored center in Pacifica. W H A T ' S B U G G I N ' Y O U ? Pest Control for Professionally Managed Properties OFFICE RETAIL INDUSTRIAL RESIDENTIAL Eco-Friendly Solutions | Serving Southern California Pest Control Pigeon Control Termite Control Rodent Control Bee Control Gopher Control 1.877.522.2377 | www.AccessExt.com

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