Memphis-based Poag Shopping Centers specializes in lifestyle centers that prioritize active public spaces along with experiential tenants: environments created with opportunities for people to socialize. That placemaking expertise remains the basis of Poag’s identity as it begins to shift its focus from management to development, a strategic decision designed to unlock new development and redevelopment opportunities nationwide. The move also comes with a new name: Poag Development Group.
The transition is made possible because of a recently announced partnership with Chicago-based JLL, the largest third-party retail property management company in North America. The alliance will enable Poag to continue focusing on its award-winning development services, which will now include providing development and redevelopment services for JLL nationally, while the retail management company handles Poag’s management and leasing services.
Poag president and CEO Josh Poag said the partnership positions the company to capitalize on its strengths and broaden its horizons into new markets. “Poag has the capital and capabilities, the resources and relationships and the experience and expertise to create and sustain some of the most memorable, engaging and commercially successful environments in the country.”
Poag Development Group president and CEO Josh Poag
At a time when the industry is evolving and embracing a wider range of new mixed-use formats — and when retail is all too often an afterthought in a mixed-use project — Poag’s demonstrated ability to create and optimize memorable and profitable retail environments is arguably more relevant and impactful than ever. “We want retail to be the focus that creates the branding and personality for a development, while bringing experiential retail tenants to make the property more alluring, which will drive rents and value for the uses upstairs.”
For a company that has developed more lifestyle centers than any other, adding new projects to an expansive portfolio that already includes a wide range of successful retail and mixed-use destinations in states across the country is an exciting new opportunity.
“We won’t be limited regionally,” said Josh Poag. “Being able to rely on JLL’s national footprint and local market experts is invaluable, and we are thrilled to be able to seek out promising new projects on a national scale.”
For Poag’s experienced leadership team of industry experts who have developed and redeveloped lifestyle centers, malls and grocery-anchored centers — and have worked on some of the largest and most complex mixed-use developments in the world — one of the critical components of development moving forward will be to stay true to the firm’s experiential roots: what Josh Poag called “the signature ability to translate small details into big experiences.”
Whether it is curating a compelling and complementary tenant mix, creating engaging and experiential environments or understanding the way retail elements connect to residential, office and other uses, the best commercial developers need to have a sophisticated retail and mixed-use skill set. Today, it seems clear that Poag is betting on itself. The firm is planning to leverage a new partnership and a well-established suite of proven development skills to unlock new opportunities in markets across the country.