The growth of online shopping will have the greatest influence on whether more shopping centers and other retail spaces are built in Tarrant County, according to a market professional who spoke Thursday at the 2013 Tarrant County Commercial Real Estate Forecast.
Up to 25 percent of retail space could be converted to other uses in coming years as retailers downsize to improve their bottom lines, said Chris Maguire, CEO of Cypress Equities and SRS Real Estate Partners. Cypress Equities developed the West 7th shopping, dining and apartment project off West Seventh and Foch streets on Fort Worth's near west side.For example, Wal-Mart has started backing away from its 200,000-square-foot Supercenters while adding more Neighborhood Market grocery stores, at 30,000 to 40,000 square feet, and introducing 15,000-square-foot Wal-Mart Express stores, he said.As consumers shop online more, stores will become smaller and retailers will slow expansion, Maguire said. Retailers are paying closer attention to technology and revamping store designs to improve the in-store experience, he said."Retail is about being entertained. The experience is really important," Maguire said. "There is only so much growth that will happen from mature chains in the U.S., and brick-and-mortar stores are no longer the sole touch point. It's only one stop in the customer's journey. If you're a smart retailer, you can use the Internet to your benefit."More than 500 real estate professionals attended the 24th annual forecast, hosted by the Greater Fort Worth Real Estate Council.Technology is affecting building sizes in other real estate sectors as well, said Ben Loughry, executive director of Integra Realty Resources DFW."There's not a need now to house a lot of people in a big building in a single location, because the technology exists that [companies] can monitor and track activity remotely," Loughry said."Don't run out and sell your call centers, but I'd take a look at them."Sandra Baker, 817-390-7727Twitter: @SandraBakerFWSTHave more to add? News tip? Tell us
