Lack of information continued to undergird this belief as analytic methods further developed to accelerate retail growth in the path of suburban development. While a goodfit for those markets, these increasingly complex information decision structures heldinherent biases which fueled the "lemon" urban market beliefs. The result was urbanneighborhoods and cities with a paucity of retail provision, or underserved markets.As we fully embark upon the 21
Century and the digital age, these prevailing, antiquated perceptions and clandestine methods stand in stark contrast to the potential realities of themodern, urban market. These perceptions are exacerbated by a widening information gapand lack of actionable market intelligence and research tools.As such, a transition period marked by intellectual gravity, creative instincts, real-timeinsights and innovative tools and methods is necessary to effectively translate the urbanmarket opportunity and create real, perceptual change challenging old beliefs,information imperfections and the very basis upon which investment decisions are madeto realize its full potential.
CHANGING URBAN MARKETS: URBAN MINDSETS
Today "urban" as a place and geography is undergoing a transition. Prevailing, negative perceptions of urban areas are yielding to positive, new realities such as the emergence of “Uptown” urban lifestyle locales whose retail and residential centers are attracting progressive populations of empty nesters, urban intelligentsia, young urban professionalsand contemporary urban couples seeking to reclaim the authentic urban experience of their youth with a modern twist that validates the fulfillment of their upward mobility andlifestyle aspirations.In addition, the revitalization of historic urban neighborhoods is generating an influx of new residents and investors who are bucking the suburban flight and boom of their parent’s generation to re-connect with their urban roots. These individuals are well-educated, possess significant disposable income and are willing to invest in urbancommunities but find the return on their investment has gone largely unmatched as theyare having to travel considerable distances for basic goods and services and remain inwait for further commercial and residential development to boost property values andreshape these communities.Finally, southern migration patterns by African-American Gen X families from the Northin search of a better quality of life has created a new, progressive population of transplants residing in the suburban areas of major southern cities who maintain an urbanmindset and are willing to travel to urban centers from the suburbs to satisfy needs for culturally-relevant goods, services and experiences.These dynamics have combined with immigration patterns, particularly among the Latino population, and the stable presence of the inner-city working class to produce a unique,transcultural fusion and emergence of new, less understood groups to form an urban population which can no longer be succinctly described. While connected through ashared mindset and lifestyle interests, each of 3