Marcus & Millichap’s Darpan Patel on Creative Redevelopment in the Retail Sector

In this episode of Buildings 2.0, Jose speaks with Darpan Patel, SVP at Marcus & Millichap, to explore the evolving landscape of retail real estate. Darpan discusses the surprising resilience of the retail sector, highlighting the high demand for retail spaces driven by population growth and changing consumer preferences. 

 

He emphasizes the importance of omnichannel strategies, where retailers successfully blend online and in-store experiences. Additionally, Darpan shares insights on the trend of adaptive reuse, showcasing how creative redevelopment of existing properties is creating new opportunities for investors. 

 

Topics discussed:

• The surprising resilience of the retail sector despite the narrative of a retail apocalypse, showcasing its ability to adapt and thrive in changing markets.
• High demand for retail space in growing markets, driven by stable population growth and increasing household formation, particularly in the Sunbelt region.
• The integration of omnichannel strategies by retailers, blending online and offline shopping experiences to enhance customer engagement and drive sales.
• Creative redevelopment of existing properties, focusing on adaptive reuse to meet current market demands and capitalize on available real estate opportunities.
• The importance of customer experience in retail, emphasizing the need for exceptional service to foster loyalty and repeat business.
• Insights on how successful retailers are leveraging technology to streamline operations and improve market insights, enhancing their competitive edge.
• The impact of economic factors, such as rising interest rates, on retail investment and development strategies, shaping the landscape for future opportunities.
• The role of community engagement in retail development, addressing local needs while balancing the interests of various stakeholders in the process.
• Challenges faced by developers in navigating complex permitting processes and the need for streamlined regulations to facilitate new construction and affordable housing initiatives. 
• The potential for innovative solutions, such as blockchain technology, to improve efficiency in the real estate development process and reduce friction in transactions.