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In the retail development market in the Northland — and across the entire United States — the seasons have changed.

A longer-than-expected season of harvest in the ’90s that continued well into the new millennium finally turned to winter with the decline of the economy, according to a trio of retail development experts from the metro who spoke at a roundtable discussion with the Northland Regional Chamber of Commerce Planning and Development Committee on Oct. 22.

"We harvested for a long time," said David Hickman, senior vice president with CB Richard Ellis. "Right now it’s winter, and it’s a little cold out there."

Hickman, along with Keith Copaken, principal with Copaken, White & Blitt, and Owen Buckley, president of Lane4 Property Group, told the committee that although it was difficult for retail developments to land tenants, there were certain areas of the industry that had a healthier market.

While big box deals have slowed, Hickman, whose company’s list of properties includes The Shoppes at Liberty Triangle, said there is still a market in the Northland for grocers and pad site users — mainly banks, pharmacies and fast food joints.

But, Hickman noted, a lot of those deals include relocations of existing business, not expansion.

"That’s another area we’re seeing a lot of movement in right now," he said.

Buckley said the oversaturation of retail center deals in the past decade led to one of the main reasons for the current slowdown of new retail: lack of financing.

"The last 15 years had been really good to the industry," he said. "Maybe a little too good."

Shopping centers were valued too high, and a lot of 10-year loans are just now coming due, but with those centers now struggling for revenue, it’s making lenders wary of new deals, Buckley said.

"One concern for our industry right now is that lack of financing you’re seeing," he said.

During the shopping center boom, the physical location of the developments, many of which were in the suburbs and on the edges of the city, played a factor, too, Buckley said.

Retail centers were built in "cornfields" where new housing was expected to follow, Buckley said. Instead, the housing slump hit and, without those new homes, those centers struggled.

"You’re seeing lots of vacancies across the country," Buckley said. "Here in the Northland, you’re seeing a mirror of what’s happening across the country."

The three said they were confident the economy would turn for the better — Copaken predicted lenders would loosen up in late 2010 — and agreed large-scale retail centers going forward will look more like Zona Rosa than Metro North Mall. It’s what they called "lifestyle" centers: entertainment and shopping destinations with mixed-use aspects included.

As for the health of the economy, Hickman said the industry was ready and waiting for the turnaround.

"Hopefully we’ll get harvesting again."

News Editor Jeffrey M. Salem can be reached at 389-6653 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

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