The Edge Magazine Vol. 8

“As one of the first tenants to open at The Interlock as well as the first location to open in the U.S., Puttshack hosted several pre- and post-opening developer/investor showcases, which brought great exposure to The Interlock,” said Latone. “The property as a whole has dramatically benefited as well as ancillary revenues, and a large part of that is attributed to Puttshack’s early and continued success. We have found that people come to experience Puttshack and stay to experience other parts of the project, with dwell time being well over an hour on location.” Malls and lifestyle center landlords could look to benefit from one of these concepts as well. In 2022, the overall mall vacancy rate was 8.8% compared with a low point of 3.9% in 2016, according to Costar data. Anchor tenant vacancies have factored into this rate with 6% of Class A++ malls and 22% of Class A+ malls reporting one anchor vacancy, according to Green Street. With more anchor tenants evacuating malls, landlords are left with large amounts of vacant space that could potentially be well suited for these concepts. Typical sizing ranges anywhere from a sizable 10,000-30,000 sf, on average, which can be split up in creative ways.

COURTESY OF PUTTSHACK

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