On the eve of the International Council of Shopping Centers’ Florida conference, an expert who oversees 360 properties in the Southeast U.S. says he’s bullish on retail, thanks to the wave of non-retailers filling up shopping centers.
Alex Munoz of The Shopping Center Group said he’s seeing more non-retail tenants leasing retail spaces, and that’s helping strengthen markets across the Southeast. “Non-traditional uses are becoming a vital part of retail and are occupying more and more space,” Munoz told CoStar News.
The growing popularity of “extreme local tenants” with one or two locations also is helping fill retail spaces, along with startup retailers, Munoz said.
“I’m pretty bullish on the Southeast right now,” said Munoz, whose team of 25 professionals represents retail center owners in marketing and leasing their properties. “We’re seeing very strong demand for well-located real estate.”
Munoz, a retail veteran based in Charlotte, North Carolina, was promoted last week to managing director of The Shopping Center Group, an Atlanta-based services firm that focuses exclusively on retail real estate. In his new position, Munoz oversees The Shopping Center Group’s eight offices in Florida, Georgia, South Carolina and North Carolina. The portfolio comprises 34 million square feet of retail in 360 properties.
One of his first assignments will be to attend next week’s ICSC Florida Conference & Deal Making event in Orlando. While there, Munoz said he will focus on business development, meet with existing clients and showcase the company’s available properties. “The conference is very important to us” because The Shopping Center Group has four offices and several clients in Florida.
In his 17 years in retail, Munoz has seen many trends, including the impact technology and e-commerce are having on shopping centers and those who own them. As internet retailers and startup companies seek physical spaces, landlords are becoming more flexible in their financial requirements and lease terms, he said.
Landlords also are welcoming non-retail tenants such as hospitals, urgent-care centers, storage companies, religious outfits and educational outlets to fill spaces in their centers, Munoz said. “It’s all about these non- traditional tenants making it easier [for patients and customers] to access their services,” he said.
One week into his new role, Munoz said he leans on traits he picked up from one of his first jobs as a teacher with Miami-Dade County Public Schools. “As a teacher I learned the need for patience, strong communication skills and solid planning,” and the same applies in retail,” he said.
By Tony Wilbert
