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A retail and leisure center geared to Millennials — those roughly age 22 to 37 — has opened in Rialto, Calif.
The first phase of this 430,000-square-foot shopping, dining and entertainment project, developed by Lewis Retail Centers, features a 13-screen Cinemark movie theater, a 38,000-square-foot 24 Hour Fitness and — perhaps inevitably — a Starbucks, reports Commercial Property Executive. Nearly 30 more tenants are still to come in September, a Burlington department store and several eateries among them.
“These residents want and need more options to eat, shop and have fun,” said Randall Lewis, executive vice president of marketing at the Lewis Group of Cos., parent company of Lewis Retail Centers, speaking to Commercial Property Executive.
Millennials are set to overtake the baby boomers and the Gen X-ers in terms of buying power next year, according to a recent report by research firm Euclid. Millennials particularly enjoy shopping at physical stores, with roughly a quarter of them saying they like to do so in the company of family and friends, the report says. This compares with slightly more than 20 percent of boomers and about 19 percent of Gen X-ers, says the report, which also notes that even when Millennials shop online, nearly half of them say they do that from retailers with physical stores, so that they can then go and pick up the items.
By Edmund Mander
Director, Editor-In-Chief/SCT
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