What area is your expertise?
Summit County, Ohio
What trends do you see presently in retail development in your area?
Change of use and or contraction of older areas due to demographic and economic changes. Example: Rolling Acres Mall – redevelopment into light industrial.
What type of retail product is doing well in your area?
Essentially high-end and discount retail stores. Williams-Sonoma, Coach, Build-A-Bear Workshop, Wal-Mart, Marc’s Discount Stores, Gabriel Brother’s and Big Lot’s.
What retailers are new to your area?
Aldo, Coach, Ann Taylor Loft, Coldwater Creek, Bravo Italian Bistro and P.F. Chang’s China Bistro and Five Guys Burgers.
Who are the active retail developers in your area?
Stark, Simon, Marchetta, Deville, Altman, and Developer’s Diversified.
Please name one or two significant retail developments in your area. What impact will these projects have on the market?
Summit Mall expansion, Fairlawn, Ohio — Developed by Simon: Bravo Cucina Restaurant, Ann Taylor Loft, Coldwater Creek and others.
Wadsworth Crossing, Wadsworth, Ohio — Developed by Forest City: Anchored by Kohl’s, The Home Depot, Target, Bed Bath & Beyond, as well as a few specialty retailers.
Arlington Ridge Market Place, Green, Ohio — Developer Deville: Anchored by Target and specialty retail: Alltel Wireless, Chipotle, Sally Beauty, Dots, Game Stop, Panera Bread and others.
Where is the majority of development taking place? Why is this area doing well?
Northern Summit County, Macedonia and Southwestern Summit County- Fairlawn, Southeastern Medina County – Wadsworth and Western Portage County – Kent/Stow. A large concentration of new homes attracting new young families which have created a spate of consumption across many commerce verticals.
What area do you expect to be the next big retail development market? Why?
Southern Summit County — Green, Ohio, Northern Summit County, Stow/Kent, and Twinsburg. The population has grown significantly with a higher than average demographic, which is presently underserved by many facets such as, medical, retail, hospitality, and restaurants.
Please describe the retail leasing activity in your area.
Activity has slowed, as the newer projects lure in existing tenants, thus creating a contraction in some older areas and contributing to the increase in vacancy. That being said, the new project such as Arlington Ridge (Green, Ohio/Deville) is near 100 percent occupancy, most likely due to pent up demand in an underserved area.
What major leases have been closed recently?
Many of the anchors now own their buildings such as, Target. However recent lease performance numbers were not available for J.C. Penney and Levin Furniture stores (combined 165,000 square feet leased) in Copley, Ohio (southwestern Summit County).
Please give a measure of retail vacancy rates and a measure of available sublease space.
In the contraction areas approximately 8 to 9 percent. Again, these areas have now been identified as opportunities to reinvent via redevelopment.
What types of retailers should look into your market in the coming year? What type of retail is needed?
Complimentary, such as lifestyle-themed areas tying in retail, entertainment, lodging, and restaurant. Also, new restaurant venues — ethnic, Trader Joe’s, and improved entertainment such as mega-movie centers.
Would you like to make any additional observations about the retail market in your area?
Aesthetically improving.
— Submitted by Debra Kaplan, business development/retail, with the Akron, Ohio office of NAI Cummins Commercial Real Estate.