Tower Power

While the retail real estate industry continues its mostly e-commerce-induced shakeout, the future of mall transformations can be seen up close in Southwest Florida.

Shopping centers nationwide, in all classes, have chased the entertainment and lifestyle trend for several years. Gone are dozens of big and bulky department stores, a slow burn facilitated by closures and bankruptcies. A mix of gathering-spot restaurants with millennial-fueled menus are taking the place of many of those legacy tenants. Others are filling the space with creative reuse, from chain-based gyms to medical clinics.

The reason behind the shift is simple: “Everyone knows the only thing you can't buy online is experience,” says Whitney Livingston, senior vice president of management services at Madison Marquette, a Washington, D.C.-based real estate development and investment firm. “There are a lot of landlords looking for tenants today, and we've had to modify development plans,” to reach that segment.