Whether you’re looking for your store’s flagship location or you want to develop a new shopping center, the Plaza Commercial Real Estate team will help you buy, sell or lease retail property in Wichita. Our brokerage has helped a wide range or retailers and developers in all phases of property selection, research, development and acquisition.
Retail properties run the gamut from buildings with a single tenant to large shopping malls that have multiple anchors, with variations in between. The International Council of Shopping Centers (ICSC) divides multi-tenant retail properties into categories based on their size and the type of tenants they have.
Shopping malls are large retail centers, usually 400,000 feet or more. They’re anchored by chain department stores and can include entertainment such as movie theaters. Malls are typically enclosed and they often have a food court or even full-service restaurants. Clothing retailers have historically made up a majority of mall tenants. The trade area is usually 5 to 15 miles.
A super-regional mall will usually include a wider variety of stores and serve a larger trade area, from 5 to 25 miles.
These high-end shopping centers are typically outdoors and feature specialty national chain stores, upscale restaurants and entertainment. The trade area ranges between 8 and 12 miles.
Factory Outlet Centers
A factory outlet shopping center consists of retailers or manufacturers selling discounted brand-name products. They have a trade area of 25 to 75 miles.
A power center consists of a large anchor that dominates its category, such as a home improvement or warehouse store, plus a few smaller tenants. Their trade area is about 5 to 10 miles.
A neighborhood center consists mainly of convenience-oriented retail stores and serves a small trade area of about 3 miles.
Also considered a large neighborhood center, a community center includes more varied apparel and general merchandise stores. This type of shopping center is usually laid out in a U shape, an L shape or in a straight strip. The trade area ranges between 3 and 6 miles.
A convenience or strip center is similar to a community center in that it can be laid out in a straight line, a U shape or an L shape. The stores are all attached and managed together. Parking is typically in front of the stores and there are no enclosed walkways between them. This is one of the smallest centers, with tenants providing personal services and select products to a trade area that’s limited to one mile or less.
Festival or Theme Centers
These centers typically have urban locations and are often part of a mixed-used building. Offerings usually appeal to tourist and leisure customers, with some service-oriented stores mixed in. The trade area is quite large, ranging from 25 to 75 miles.
This category includes airport gift shops, restaurants and souvenir shops located inside airports. They serve travelers and tourists passing through the airport, so a trade area is not applicable.
Net-Lease Single-Tenant (NLST)
Stand-alone retail buildings can be located in the front or out-parcel of a shopping center, or even in the shopping center itself. Single-Tenant Triple Net Retail properties are often leased by large chain stores.
Urban Street Front Retail Stores
Urban retail includes stores that are located on a street front or neighborhood. These locations don’t have their own parking lot and can range from luxury retail stores to small service stores.
Retail in Mixed-Used Developments
Stores and restaurants that are located in the same building as offices and/or multifamily units are considered mixed-use. They’re typically located at street level, with offices or apartments above.
The Plaza Commercial Real Estate team will help you buy, sell or lease retail property. Contact our Wichita brokerage today.