Irvinecommuter said:
I think TIC has a hard time dealing with changing demographics...there isn't enough "unique" restaurants/shops to meet the FCBs and young couples. The traditional chain stores are not good enough anymore.
So how does one measure success as a commercial landlord?
I agree that the selection is blah but the chains "work." The best example of unique are The Lab and The Camp, both in Costa Mesa.
http://thelab.com/shopshttp://thecampsite.com/shops
Both billed as "anti-malls."
But the formula seems to be too radical/risky for TIC, which prefers the stability of an Islands. The non-chain outliers were mostly born elsewhere, imported into the TIC fold. Javier's is probably the most successful restaurant at the Spectrum, yet it was born in Laguna. Same thing with La Sirena and Zov's -- different/non-chain, but born outside Irvine.
So on topic - hard to justify changing up the formula given that it's roughly working OK for TIC. Vacancy rates are relatively low across the portfolio and business is doing fine. They have such a lock on the market, I don't know if they'd ever be able to tell if something different would work better.