Real Estate


The Macy’s department store at Military Circle Mall in Hampton is one of many that have closed recently across the nation.


have to cultivate the winners and, in the meantime, we have to have other reasons for folks to come here.” Brett McNamee, a commercial real


estate broker who has specialized in retail development for years, also believes brick-and-mortar retail has a future. “You’re not going to get any death knells from me. I love my industry. We’re not declining; we’re changing,” says McNa- mee, a senior vice president with Divaris Real Estate in Richmond. Retailers who will weather the storm


multifamily residential components, are other ways developers hope to increase daily mall traffic. Besides creating experiences, keeping


costs and rents down is key, says Hargett. That way tenants can afford to be com-


petitive with online retailers, and online retailers who want to expand into physi- cal spaces can do so with low overhead. “The retail landscape is changing,


and we know it’s going to be more and more challenging,” says Hargett.“We


best, McNamee predicts, are those who can provide a multichannel approach — marrying e-commerce with bricks and mortar and embracing technology to create a more convenient shopping experience for consumers. “Those are the guys who are going to be here with us and doing better and better for the long run,” she says.


Closings In the meantime, though, many big-


name players in retail are struggling to stay afloat while others are drowning or are already dead.


90 AUGUST 2017


Photo by Mark Rhodes


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