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Developers Need Retailers

February 28, 2014

Petworth and Georgia Ave are ascendant, and unconventional uses for retail spaces are becoming more common, according to the panelists at a Thursday morning event hosted by Bisnow to examine the state of the D.C. retail market. But mostly, the message was that retailers of all kinds have developers in the palm of their (metaphorical) hand. Essentially, to create the vibrant, mixed-use projects that will commandeer the highest returns on investment for developers, those projects need retailers more than retailers need the developers, the panel agreed. “It’s more and more important that you create an area that feels good and gives a sense of excitement to be there,” said D. Wright Sigmund, director of retail leasing for Vornado. That means developers are willing to structure leases favorable to the retailers or even directly pay them to move in. (Elevation DC)

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