Community centers are larger versions of neighborhood centers that are characterized by a wider range of retail stores. They typically offer between 100,000 and 300,000 square feet of retail space with two main stores. With a broader focus, the community center draws customers from a main shopping area of 3 to 6 miles. However, many of the companies that lease general-purpose centers, especially those that rely on basic products, such as clothing and electronics, are particularly vulnerable to the disruption caused by e-commerce.
A neighborhood center is the smallest type of shopping center. Stores are centered around a supermarket, usually online or in an L-shape. These stores can be pharmacies, small restaurants or takeaway stores, or stores selling personal items, such as a dry cleaner or spa. The types of stores here are designed to make it easier to buy groceries and other daily needs in a particular neighborhood.
The best example of a regional center is a typical shopping center. Of course, they're big, closed and surrounded by parking lots. They have more than two main stores and more variety of store types, but they mostly contain clothing stores. A superregional center is what you would expect, in light of what a regional center is.
It has larger square footage, generally more levels, and more anchor stores. A neighborhood center is designed to provide convenient shopping for the daily needs of consumers in the immediate neighborhood. The mall is usually a straight line strip with no walkways or enclosed shopping areas, with an average gross leasable area ranging from 30,000 square feet to 125,000 square feet. The number of tenants who occupy a neighborhood center ranges from five to 20 stores, with a supermarket or pharmacy as an anchor.
While a general-purpose center tends to cater to a wide variety of buyers and businesses, a specialized center tends to have a more limited focus. The International Council of Shopping Centers (ICSC) is a commercial organization that has published widely accepted definitions of the types of shopping centers. These malls are located in high-density areas and the surrounding homes consist of low- to high-rise apartments, mixed-use buildings, and townhouses. From luxury stores to one-of-a-kind boutiques, Las Vegas is the place to find just about anything you're looking for.
Regional centers serve as commercial, cultural, recreational and entertainment destinations in a city. The first major group of types of shopping malls are known as “general-purpose centers”. As consumers' shopping habits change, these regional hubs are changing the way they interact with customers and are becoming a destination for experiences and entertainment. There may be some major employers located in the center of the neighborhood, but businesses that provide services to surrounding communities are most likely doctors, dentists, stores, library branches, dry cleaners, hairdressers, coffee shops, and restaurants.
As new housing and neighborhood developments continue to expand across the valley, these neighborhood centers are following suit. In fact, the unique characteristics of any mall can have a significant impact on the risk and return of investing in it. Two new regional centers currently under construction, The Bend and Uncommons, are perfect examples of how this trend of “experience-oriented shopping” is changing development. Two of the most common centers being built in the market right now are neighborhood centers and regional centers.
Depending on the location and character of the regional center, it may include single-family neighborhoods. The tenant base tends to cater to a wide variety of buyers, meaning that these are often popular stops if they have an attractive location. Kearney recently reported in the article Four Visions of the Future of Shopping Centers: “To be successful in the future, the industry needs to think like the customers it serves.