Western Real Estate Business

SEP 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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www.REBusinessOnline.com Western Real Estate Business • September 2018 • 69 Lives and Growing Influence," note that Asian-American buying power increased by 257 percent from 2000 to 2017, exceeding increases in buying power for all other racial and ethnic groups. The demographic's buying power currently sits at $986 billion and is projected to reach $1.3 trillion in 2022. The Asian-American popula- tion has also grown by 43 percent, at a faster pace than any other U.S. race or ethnicity. This is particularly pertinent in California, where Asian-American consumer spending ranks the highest at $323 billion. With figures like these, not to men- tion a JC Penney store set to close, LBG decided to pivot when it came to rebranding the Shops at Hilltop. "We're not only working to fill a much-needed void in an underserved West Coast marketplace, but we are creating unique synergies between our core consumer constituency and an expanded tenant mix via a cultur- ally sensitive remerchandising strat- egy that is designed to effectively meet our customers' needs and their wants," Lundin says. "It is these syn- ergies that will result in an impressive end product where the Shops at Hill- top will be defined as an all-inclusive destination that offers a well-rounded consumer experience — one that in- stantly differentiates the center from its regional competition." This new strategy started with the announcement that leading Asian supermarket chain 99 Ranch Market would anchor the center along with existing names like Macy's, Sears, Walmart and 24 Hour Fitness. The market will feature an 11,000-square- foot food court that will sit at the pin- nacle of Hilltop's transformation from an enclosed mall to an all-inclusive, multi-cultural shopping and enter- tainment destination. Though the center's cultural roots may be inspired by far-off lands, LBG is once again going local, sourcing tenants within the San Francisco and East Bay communities that its shop- pers have grown to know and love. "Hilltop is really a reflection of the trade area demographic shifts, com- bined with the shop local movement, which prizes locally based tenants," Goldman adds. "We are focused on bringing in the best of the Bay Area. Many of the tenants we are bringing to Hilltop are successful South Bay establishments that are looking for an East Bay location because they see the need in the market." This "need" will soon grow. The Shops at Hilltop is part of a larger Hill- top by the Bay redevelopment plan that will create the live-work-play- stay mixed-use community within Richmond that has become ever- popular with today's consumers and retailers. In-place zoning and entitled land parcels that encompass the 77- acre Hilltop Mall Road site are sched- uled to receive limited-use business hotels, a variety of residential uses, and a mix of office spaces that include conventional, creative, co-working and medical uses. Aside from the new market and corresponding food court, LBG is responding to this need by adding a new 300,000-square-foot outlet shop- ping component, an expanded collec- tion of food and beverage concepts primarily focused on Asian cuisine, and family friendly entertainment and services to Hilltop's retail com- ponent. These tenant remerchandising ef- forts will be complemented by updat- ed community gathering spots, major interior and exterior renovations, new and dynamic wayfinding improve- ments and extensive special events programming. The Shops at Hilltop's reinven- tion as an all-inclusive, Asian-centric shopping and entertainment destina- tion for the area's dense and diverse population is scheduled for comple- tion in mid-2019. "The San Francisco East Bay re- gion's demographics are proven, and the consumer demand is there," Lun- din asserts. "Our goal for the Shops at Hilltop is to ultimately bring to this dense and diverse marketplace a walkable, mixed-used village that will be used as a vibrant community desti- nation in the years to come." n Leading Asian supermarket chain 99 Ranch Market will anchor the Shops at Hilltop, located northeast of San Francisco. 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