By  on May 20, 2014

Power centers have emerged as one of the strongest types of property in the shopping center industry, according to market research firm Cassidy Turley, which tracked shopping center vacancy and rental rates in 60 major U.S. markets.

The company last week issued its National Retail Review for the first quarter of 2014. Research director Garrick Brown, who edited the report, said he was surprised by the power center performance. Despite the fact that big-box chains populate power centers and are actively looking to reduce their footprints and store counts, or both, power centers have become a solid format. This is because landlords have been willing to adapt to retailers’ changing needs, turning large, vacant boxes into smaller footprints and installing food courts in space left behind by contracting bookstores, office supply chains and electronics stores. For example, Barnes & Noble is planning to close at least one-third of its stores in the next few years. Cassidy Turley predicts that the bookseller could return as much as 9 million square feet.

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