At Regency, we continue to seek opportunities for development in hyper-local, attractive U.S. markets. With 87% of our properties anchored by top grocers including Kroger, Whole Foods Market, and Wegmans and an average household income of $100,000 across our portfolio, we are excited to highlight some of our up-and-coming developments spanning the country.
The month of April sprung loose in global commercial real estate with an announcement from Australia’s biggest bank that The Commonwealth Bank of Australia launched a free big data analytics platform for small and medium businesses to improve their overall sales and performance. Indeed, what retailers around the globe are finding is that implementing big data solutions can help them identify advantages in marketing, customer experience, comparative analytics, and operations.
It’s likely you’ve seen them—food trucks of all flavors and fare parked in large mixed use commercial parking lots or outdoor recreation destinations. Preparing on-the-spot items ranging from gourmet sandwiches and vegan wraps to sushi, food trucks are drawing attention to retailers and restaurateurs for more than just the food they serve.
We are thrilled to be able to announce that the original 10-year goals we established in 2011 have been completed in half the time. The original goals, carried out by our sustainability team of Mark Peternell and Tanner Hayes, were based on industry-leading benchmarks as well as the Department of Energy's Better Buildings Challenge. They included:
Let’s face it: Shopping has come a long way. Not only has online shopping and ecommerce had a great impact, but simply walking into a store today is becoming more of an experience. The successful retailers of tomorrow will master the art of experiential design in order to meet the evolving expectations of today’s shoppers.
Artificial intelligence is changing the retail landscape by enhancing shopping experiences and challenging customers’ shopping, payment, and delivery expectations. Although the technology is continuing to evolve, retailers are finding use of various types of AI to raise the level of customer service and brand loyalty in a highly competitive market.
We are proud to announce Pinecrest Place, our newest development in Miami, Florida. This center will be adding 70,000 square-feet of high quality retail to an existing 173,000 square foot Target, anchored by a new, 46,000 square-foot flagship Whole Foods Market. Construction completion is expected in the second quarter of 2018.
Recently the U.S. Supreme Court unanimously rejected a case brought before them regarding how retailers could pass on credit card fees to customers via higher prices or surcharges. Chainstorage.com reports, “In refusing to take up the case, the Supreme Court left in place last year’s ruling by the 2nd U.S. Circuit Court of Appeals that struck down the $7.25 billion antitrust settlement between Visa Inc. and MasterCard Inc. and a group of mostly smaller merchants.”