ENTERTAINMENT CENTERS

Entertainment venues coming to a neighborhood
near you in Anywhere, USA.
Billions being built - Billions being spent - Buzzword of the millennium.
Define it - Why build it - Whose building - Where and why.

Entertainment centers are expanding in all types of venues from downtowns to suburbia; to recycled regional malls, new construction, existing strip centers and freestanding facilities; from the east to west coasts; and to small, medium and major markets. In addition to the multi billion expansion being undertaken in the United States, the world is seeing unprecedented development of Americanized entertainment centers. This article only focuses on the U.S. perspective. Before we can discuss the entertainment center phenomena, we need to define it. The definition is illusive, somewhat similar to a vanilla box, it means something different to everyone. In the broadest sense, it can be a freestanding arcade/family game room appealing to the 5 to 65 age group, or like the MCI Center in Washington, D.C., a complex tenanted by the likes of a 30-screen theater, GameWorks, theme restaurants, sports arenas, museums and a Disney store. The common theme is to draw a sophisticated, affluent consumer that wants to have fun. What is the attraction? Developers see this burgeoning trend as the new wave shopping concept; entertainment companies see them as the next generation to their industry and local governments are looking to them as the answer to revitalization.

A major factor fueling the growth of entertainment centers is that the American economy has been good to most families providing them with both disposable income and more leisure time. Secondly, a mini baby boom left a void for family entertainment venues. Thirdly, financial institutions and Wall Street are becoming more aggressive in financing these unproven concepts. A large contribution to the growth of entertainment projects is American taxpayers, through federal and local grants, spending billions in revitalizing the inner cities and downtowns. The need of developers/owners to figure out what to do with their outdated, antiquated enclosed malls is also fueling the growth. Understand that this

phenomenon is not exclusive to enclosed malls, downtowns or specialty centers. It’s remaking the tenant mix of our neighborhood strips, just as when Hit or Miss, Marshalls and T.J.Maxx changed the image of a conventional strip from being a supermarket/drug anchor, along with a junior department or discount store, to being a fashion center. The family entertainment concept is bringing book stores, music stores, restaurants like Pizza Time, children’s entertainment centers such as Jeepers, fitness centers like Gold’s Gym, and theme restaurants like Fridays, Appleebee’s and Rio Bravo to the neighborhood strip center. "Let Us Entertain You" is the new American theme. Strip centers are still seeing skating and ice rinks become tenants, which has been ongoing since the late 60’s early 70’s, but as our taste buds become more sophisticated these tenants are evolving to meet the consumer’s demands for flash, sound effects, and thrills. Even the US Army is getting into the act by developing family centers on its army bases.

NEXT PAGE