Retailers including women's clothing stores and restaurants are vying to open locations in downtown Nashville, Tenn., and capitalize on a growing tourist population. With a 4% to 9% vacancy rate, space is limited, but a pipeline is emerging that has folded retail offerings into mixed-use buildings.
The Avenue Murfreesboro, an open-air retail center in Tennessee, has traded for $163 million. Hines Global REIT is the buyer of the center, which measures about 750,000 square feet. A joint venture between Cousins Properties and Faison Enterprises was the seller.
Europe's malls can look to developing markets like China and Dubai as they work to transform themselves for a digital age, transforming traditional stores into centers for service and experiences people can't find online, experts say. "Stores will get bigger and become more like adventure parks that attack all of your emotions," said Christian Ulbrich of Jones Lang LaSalle.