Here is the Irvine Company?s $200 million plan for the old Macy?s space

I found this part interesting:

Finding the right fit of stores

Knerr, who came to the Irvine Company in October, said the company?s retail team has spent months curating concepts that bring the kind of ?energy and individuality? that the Irvine Spectrum is known for.

?You want people that are going to be new and exciting, that our customers can?t find everywhere,? said Knerr, president of Irvine Company Retail Properties.

And, that?s why shoppers won?t see a trendy food hall at the expansion. Nearly every new or remodeled lifestyle center in Orange County has added these culinary walkabouts.

Knerr, who spent 26 years at Simon Property Group, said the new space will include some quick-service and fast-casual restaurants. But a food hall is not ?the right fit for the Spectrum,? he said.

Translation: Food Halls net us less per lease because shared square footage has no profit. They make more when a tenants has to pay for more space.

The Spectrum would be an ideal place to put a food hall, I think every "mall" should have some type of food court area but that's just my opinion.
 
irvinehomeowner said:
I found this part interesting:

Finding the right fit of stores

Knerr, who came to the Irvine Company in October, said the company?s retail team has spent months curating concepts that bring the kind of ?energy and individuality? that the Irvine Spectrum is known for.

?You want people that are going to be new and exciting, that our customers can?t find everywhere,? said Knerr, president of Irvine Company Retail Properties.

And, that?s why shoppers won?t see a trendy food hall at the expansion. Nearly every new or remodeled lifestyle center in Orange County has added these culinary walkabouts.

Knerr, who spent 26 years at Simon Property Group, said the new space will include some quick-service and fast-casual restaurants. But a food hall is not ?the right fit for the Spectrum,? he said.

Translation: Food Halls net us less per lease because shared square footage has no profit. They make more when a tenants has to pay for more space.

The Spectrum would be an ideal place to put a food hall, I think every "mall" should have some type of food court area but that's just my opinion.

But doesn?t it kinda have one?  That? whole corridor where Panda Express, chipotle, Johnny rockets, pho, grilled cheese, TLT, etc, is their ?food court?.  There?s seating all around that big courtyard area.  In fact, the spectrum is all dining. You can?t walk two steps in that place without running into a place that sells food.
 
irvinehomeowner said:
eyephone said:
The typical mall is fading away..

South Coast Plaza isn't going anywhere.

There are many examples that malls throughout the US are closing.

I see the only way to stop this, IF Trump admin goes after Amazon.

?U.S. President Donald Trump once again unloaded on Amazon.com Inc., tweeting that the company is hurting other retailers and implying that it?s killing industry jobs across the U.S.

During the presidential campaign, Trump claimed Amazon was a monopoly that he would go after for antitrust violations if he were elected. ?
https://www.bloomberg.com/news/arti...on-does-great-damage-to-retailers-shares-fall

On this issue I tend to agree with Trump.
 
Nothing better than selective capitalism.

If trump owned amazon his tax overhaul would have removed all income taxes for e-tailors based in Washington.
 
bones said:
irvinehomeowner said:
I found this part interesting:

Finding the right fit of stores

Knerr, who came to the Irvine Company in October, said the company?s retail team has spent months curating concepts that bring the kind of ?energy and individuality? that the Irvine Spectrum is known for.

?You want people that are going to be new and exciting, that our customers can?t find everywhere,? said Knerr, president of Irvine Company Retail Properties.

And, that?s why shoppers won?t see a trendy food hall at the expansion. Nearly every new or remodeled lifestyle center in Orange County has added these culinary walkabouts.

Knerr, who spent 26 years at Simon Property Group, said the new space will include some quick-service and fast-casual restaurants. But a food hall is not ?the right fit for the Spectrum,? he said.

Translation: Food Halls net us less per lease because shared square footage has no profit. They make more when a tenants has to pay for more space.

The Spectrum would be an ideal place to put a food hall, I think every "mall" should have some type of food court area but that's just my opinion.

But doesn?t it kinda have one?  That? whole corridor where Panda Express, chipotle, Johnny rockets, pho, grilled cheese, TLT, etc, is their ?food court?.  There?s seating all around that big courtyard area.  In fact, the spectrum is all dining. You can?t walk two steps in that place without running into a place that sells food.

Yes. And the area in front of Edwards with Luna, Umami, Tender Greens could be considered food courtish.

But I'm talking about the type where it's just stalls like at the food halls or even Mission Viejo mall. But again, that's less square footage for the vendor (which is good for them) and less lease money for TIC (bad for them).
 
irvinehomeowner said:
eyephone said:
The typical mall is fading away..

South Coast Plaza isn't going anywhere.

SCP isn't typical, it's the 4th largest mall in the USA by sq ft and a major tourist destination. Even then it has its struggles.

Malls (and retail in general) are evolving or dying. Just getting a good is not enough, there has to be some kind of unique angle you can't get online. There will be a lot more gimmicky shit at malls for lack of a better phrase. Also restaurants.
 
It doesn't even have to be gimmicky. Just a pleasant place to hang out on a nice day. To be able to sit and people watch. Let the kids run around. Walk a bit. Like the Grove (before it got way too trendy and crowded or the Americana. 
 
Irvinecommuter said:
A+ malls are thriving while B/C level malls are dying.  Malls are moving away from anchor tenants to be an shopping/dining experience.

The focus is moving away from shopping to more tactile/experiential (like dining).  A lot of luxury/top malls put on events to bring in people.
https://www.mckinsey.com/business-f.../our-insights/the-future-of-the-shopping-mall

Totally agree. It will put upward pressure on rents though, because you have less RSF (rentable sq ft) supporting a similar amount of expenses. Will be tougher for smaller / experimental tenants.
 
They could follow the trend and build mid-rise luxury condos with shops on ground floor.  Using this strategy you put residents directly above the shops and restaurants.

Quieter residential areas can be build behind the mix use resident/commercial area where traffic, lights and noise are blocked off, but still easily accessible by foot.

Amazon is a huge disaster to American retail jobs, unlike Costco that only use internet & mail order to compliment their retail business.
 
That's not really a trend anywhere in Irvine or nearby. The closest I can think of is Old Town Tustin (there's a little street next to El Camino Real & Main called Prospect). There are some live-work lofts that came up in Newport but those are a joke.

I would also like to see this happen. Residential real estate is way hotter than run-of-the-mill mall real estate in this market anyways. And there is a crapton of parking that gets used like 1% of the year. You could build a 5 story residential development on top of Westminster Mall or the like.
 
Anyone checkout the new Spectrum stores at the old Macy's? TIC did a great job of integrating the new stores into the mall layout. Lots of people roaming around the new sections with moderate lines at both BLKDot Coffee and 85 Degree Bakery. They still haven't opened up the new parking structure across from Target so parking is tight in the area.

I also checked out the new Apple store but I fear for their safety. It's a beautiful store but is too close to the parking lot/roadway. There has been numerous smash and grab incidents across the country and that particular location has easy freeway access. At ~$5,000 of sales per sq foot, they can afford an armed guard (compare that to Tiffany's $3,000 per sq ft). At least they have high grade security doors on exterior of the building with cameras.

2duwp5s.jpg

 
iacrenter said:
I also checked out the new Apple store but I fear for their safety. It's a beautiful store but is too close to the parking lot/roadway. There has been numerous smash and grab incidents across the country and that particular location has easy freeway access. At ~$5,000 of sales per sq foot, they can afford an armed guard (compare that to Tiffany's $3,000 per sq ft). At least they have high grade security doors on exterior of the building with cameras.

2duwp5s.jpg

i like to believe apple doesn't employ armed guards for a few reasons: (1) armed guards can make some people uncomfortable and might negatively affect sales, (2) smash and grab incidents always make the news - if apple has $5k worth of items stolen ($10k msrp) then it's a small price to pay for cheap advertising on all local news stations, and (3) with thieves eyeing apple products like diamonds, it elevates the perceived value of apple devices which justifies the high prices in peoples' minds.
 
iacrenter said:
Anyone checkout the new Spectrum stores at the old Macy's? TIC did a great job of integrating the new stores into the mall layout. Lots of people roaming around the new sections with moderate lines at both BLKDot Coffee and 85 Degree Bakery. They still haven't opened up the new parking structure across from Target so parking is tight in the area.

I also checked out the new Apple store but I fear for their safety. It's a beautiful store but is too close to the parking lot/roadway. There has been numerous smash and grab incidents across the country and that particular location has easy freeway access. At ~$5,000 of sales per sq foot, they can afford an armed guard (compare that to Tiffany's $3,000 per sq ft). At least they have high grade security doors on exterior of the building with cameras.

2duwp5s.jpg

Been there a few times already after not going to the spectrum once yet this year. They did do a nice job - it?s starting to remind me of Fashion Island. Tried out that new Japanese place and it?s a nice addition. Meet up with friends for lunch, let the kids climb for a bit, stop by target for a quick errand and hit up 85 degrees for next day breakfast pastries while drinking a $5 BLK dot latte. TIC really thought it through.
 
The Japanese place charged us 2 dollars for "rocks". First time I ever paid for ice before, and it wasn't even the fancy kind!
 
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