Definition
A community shopping center is a type of retail property designed to serve the local market area by offering a varied range of goods, services, and entertainment options. Typically, these centers occupy an area of 100,000 to 300,000 square feet and often include a significant tenant known as an “anchor,” such as a supermarket, a discount retailer, or a department store.
Community shopping centers are a step above neighborhood shopping centers both in size and the array of offerings. They cater to essential day-to-day needs but also provide a somewhat broader selection of goods and services, including clothing stores, specialty shops, restaurants, and even recreational facilities.
Examples
Example 1: Ridge Hill Mall
Located in Yonkers, New York, Ridge Hill Mall serves as an example of a community shopping center, featuring major retailers like Target and Whole Foods Market as well as numerous dining options and a movie theater.
Example 2: Southtown Shopping Center
Southtown Shopping Center in Bloomington, Minnesota, hosts a variety of stores and service providers, including Kohl’s, a large grocery store, and various smaller specialty shops, catering to the local community’s needs.
Frequently Asked Questions
What is the typical size of a community shopping center?
Community shopping centers usually range between 100,000 to 300,000 square feet in gross leasable area.
Who are the common anchor tenants in a community shopping center?
Common anchor tenants include supermarkets, discount retailers, and large department stores, which draw substantial foot traffic to the center.
How does a community shopping center differ from a neighborhood shopping center?
A community shopping center is typically larger and offers a more extensive array of goods and services compared to a neighborhood shopping center, which is more focused on everyday essentials.
What types of businesses are often found in community shopping centers?
Community shopping centers can include supermarkets, variety stores, clothing outlets, restaurants, fitness centers, entertainment venues, and specialty shops.
Are community shopping centers good investments?
They can be good investments due to their mix of tenants, which often drive steady foot traffic and sales. However, the investment quality may vary depending on factors like location, tenant mix, management, and market trends.
Related Terms
Superregional Mall
A superregional mall is a larger shopping facility that offers a broad range of goods and services, often featuring multiple anchor stores and extensive specialty stores, usually attracting customers from a wide area.
Neighborhood Shopping Center
A neighborhood shopping center serves the immediately local area with convenience-oriented offerings, often anchored by a supermarket or a drugstore.
Strip Mall
A strip mall is a smaller shopping area typically characterized by a row of stores arranged in a line, serving the local community with basic retail offerings and services.
Lifestyle Center
A lifestyle center combines elements of traditional retail with leisure amenities, often located in an outdoor setting that includes shopping, dining, and entertainment venues.
Online Resources
- International Council of Shopping Centers (ICSC) - Provides industry news, research, and resources on shopping centers and real estate.
- Commercial Real Estate Services (CBRE) - Offers insights and market reports on various types of retail properties.
- Real Estate Investment Trusts (REITs) on Shopping Centers - Discusses the role of REITs in investing in community shopping centers and other retail properties.
References
- International Council of Shopping Centers. “U.S. Shopping-Center Classification and Characteristics.” Retrieved from icsc.com.
- CBRE Group, Inc. “U.S. Retail Real Estate Market Outlook 2023.” Available via cbre.com.
Suggested Books for Further Studies
- Levy, J. M. (2013). Retail and Commercial Planning. Routledge.
- Dun & Bradstreet. (2017). Shopping Center Directory. Dun & Bradstreet.
- Geltner, D., & Miller, N. (2017). Commercial Real Estate Analysis and Investments. South-Western.
