Retail centers are great commercial real estate to invest in. Here are the eight types.
If you are an investor, you can find plenty of benefits in investing in real estate. Retail is one of the types you can invest in, and this in itself has various advantages. Despite the seeming “death of the mall,” brick-and-mortar shopping centers still dot the United States in generous supply. No matter what, physical stores will always have a demand. As you look into investing in this type of commercial real estate, one of the first things you should know is the types of shopping malls out there. As the title implies, there are eight.
1. Neighborhood Center
A neighborhood center is your smallest kind of shopping center. Stores are centered around a supermarket, usually in a line or L-shape. These stores may be drug stores, small restaurants or take-outs, or personal-need stores like a dry cleaner or a spa. The types of stores here are designed to make shopping for food plus other day-to-day needs a breeze for a particular neighborhood.
2. Community Center
Also known as “community hall,” this type of shopping mall has at least two anchor stores. Its configuration can vary, but generally take on a more rounded shape. This mall contains more clothing stores, large discount stores, and restaurants.
3. Regional Center
The best example of a regional center is your typical mall. These of course are large, enclosed, and surrounded by parking lots. They have more than two anchor stores, and more variety in types of stores, but mostly contain clothing stores.
4. Super-Regional Center
A super-regional center is what one might expect, in light of what a regional center is. It has larger square footage, usually more levels, and more anchor stores.
5. Fashion Center
A fashion center, by contrast, is centered in areas with more well-to-do customers. These centers have higher-end stores, boutiques, and artisan shops featuring high quality and unique products. The architecture and landscaping of this kind of center are exceptional.
6. Power Center
A power center is a center dominated by several unconnected, giant anchors. These include discount department stores, warehouses, and “category killers,” which house an abundance of products within one category.
7. Festival Center
Such centers draw streams of tourists for their historical location, architecture, entertainment, and restaurants. Festival centers are also called “theme centers,” as their location, appearance, and perhaps even their merchandise share a common theme.
8. Outlet Center
Lastly, the outlet center is an unconnected store that sells discounted items of their own products which are usually non-returnable. They are more likely to be found in a rural or suburban area. Some outlet stores, however, form a village-like shopping mall.
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