Retail Property Classifications
Retail Properties can range from a single, one-tenant building to over a million square feet of assorted shops providing goods and / or services to the public. There are a number of categories for Retail properties:
- Shopping Center
A “shopping center” is a group of stores catering to a trade area, which offers a variety of goods and/or services and on-site parking with mixed tenant occupancy. - Super Regional Center
A "super regional center" has three or more major department stores. It is often enclosed (mall), is 750,000 to one million square feet, and draws from a large trade area of twelve miles or more. - Major Mall
A "major mall" is an enclosed retail center which equals or exceeds 500,000 square feet of area to be leased. The tenant mix typically features department store anchors with additional, smaller specialty shops. - Regional Center
A "regional center" has one or two department stores, a variety of smaller stores, and is larger than 300,000 square feet. It draws from an eight mile radius or more. - Power Center
A "power center" is a retail center featuring a majority of oversized tenants. The design is usually open, featuring a tenant mixture of discount, big box, club warehouse and/or single category discount retail operations (a.k.a. "category killers"). The size ranges from 250,000 square feet and up. - Community Center
A "community center" usually has a supermarket, junior department store, and a variety store. It is larger than 100,000 square feet, and draws from a three to five mile radius. - Big Box Store
A "community center" usually has a supermarket, junior department store, and a variety store. It is larger than 100,000 square feet, and draws from a three to five mile radius. - Neighborhood Center
A "neighborhood center" is built around a supermarket and/or drugstore, provides convenience goods and services to a neighborhood, is between 30,000-100,000 square feet, and draws from a one to three mile radius. - Strip Center
A "strip center" is a retail center & plaza that has a minimum of 10,000 square feet. The design is typically open with larger anchor stores that can be freestanding or accompanied by smaller satellite stores. - Convenience Center
A "convenience center" is a small cluster of stores along a street. It’s size ranges between 5,000-40,000 square feet. The immediate neighborhood is typically a trade area which may have a convenience market, laundromat, dry cleaner, etc. - Speciality Center
A "specialty center" often has a theme, usually has no anchor tenant, and generally is local in impact. Some examples might be home improvement centers, gift shops, or auto service and sales. - Free Standing Store
A “free standing store” is one commercial building meant to be occupied by a single user. It is typically found near major shopping centers on major routes, and fills a specific need in the area. - Commercial Strip
A “commercial strip” is a string of stores in a commercial area with no central leasing, management, or theme.