Dallas December 2023 Key Take Aways!
Larry Leon, a Partner at RetailUnion, specializes in Location Based Entertainment “LBE”. Larry’s background and experience consist of the following: Larry joined Retail Union in 2021 as a specialist in entertainment and hospitality real estate. He is the national master broker for Pinstripes; Bistro, Bowling and Bocce, and also nationally represents Supercharged Entertainment, the largest entertainment venue of its kind in the U.S. Larry has over 40 years of experience in commercial real estate, ranging from the disposition of retail portfolios to sales of shopping centers, along with project leasing and tenant representation. Larry created the first retail tenant representation advisory firm in DFW and was a founding partner in United Commercial Realty. He later became a partner at Venture Commercial Real Estate, where he founded Venturetainment, specializing in Location Based Entertainment (LBE’s), and is considered one of the national authorities in that field. One of his favorite pastimes is “Ideation” and brainstorming inventive groundbreaking ideas which assist his clients in their success. A high point of Larry’s career was bringing Nebraska Furniture Mart to North Texas. The Berkshire Hathaway-owned retailer purchased 433 acres in The Colony for its fourth and largest store (1.9 million square feet), and includes the Grandscape retail, restaurant, and entertainment complex. Larry and his team provided an enormous amount of research and information to the client, requiring a team effort to do the assemblage and entice NFM to the area.
Here are a few Key Takeaways from Larry’s presentation:
• Movie theaters have suffered since Covid shut them all temporarily down and everyone keeps “counting them out but they keep coming back with improvements”. They have had a decent recovery and are only down approximately 15% since 2019 but he is very optimistic that many studios will stay in business, especially with the “dine-in” option and many studios have taken that route to improve ticket sales.
• Ticketed attractions ranging from adult to family have become hugely popular, and a few examples are:
o Meow Wolf Sealife Aquarium in Grapevine w/ approximately 1 million visitors per year.
o Dallas World Aquarium w/ approximately 1 million visitors per year.
• Also popular with children and families are:
o Peppa Pig
o Legoland Discover Centers
o Playskools will be opening around the country as well as a Butterfly Wonderland
o Amusement parks such as Universal and Matel Adventure Park, are both slated to be in Frisco in the near future
• Pop-Ups have also been a big hit such as these examples:
o Van Gogh Exhibit
o Jurassic Park at Grandscape
o HisStory during the Holiday Season
o F1 Pop Up Exhibit has proven to be very popular in Vegas so they should begin popping up in other areas across the country
• Games of Skill and Chance have also become extremely popular. A few of those which are all across the country include:
o Escape Rooms all across the country.
o Sandbox VR (virtual realty) which is a futuristic VR experience for groups of up to 6 where you can see and physically interact with everyone inside, just like the real world.
o Level 99, which provides over 40 themed challenge rooms designed to test your team of 2-6 players both physically and mentally as you work together to master challenges and earn rewards.
o Immersive Gamebox, is a fully private, interactive digital room featuring projection mapping, touch screens, motion tracking and surround sound to enjoy a hyper-immersive 60-minute adventure.
o Electric Playhouse, which offers 20,000 sq.ft. facilities with everything from immersive gaming, dining, art experiences, interactive party spaces for private and corporate events and some of the biggest shows.
• Indoor sports and entertainment have been around for many years and remain just as popular as when they first opened:
o The Fritz’s Adventure Park, which is coming to Grandscape in the Colony, will offer visitors everything from climbing walls to laser mazes with indoor and outdoor spaces.
o Top Golf
o Homerun Dugout
o Adult only Roller Rink called “Ride On” will not only offer old school skating, it also will offer a fusion of tech and nostalgia.
o The Great Big Game Show is just how it sounds and allows the participants to experience all the thrills of a televised game show without the pressure of millions of people watching. It’s like a real, live-action game show where the participant is a contestant.
• Live Entertainment is still as popular, and a lot of the venues have become much more personal feeling by hosting a smaller venue with approx. 4,000-8,000 seats in most of the following locations:
o Toyota Music Factory
o Billy Bob’s in the Stockyards
o Gilley’s Southside
o Lava Cantina in The Colony
o Kessler Theatre
• There are also “specialty venues” like bar/restaurants that are dog friendly, such as these few:
o Mutts Canine Cantina
o Bark Social
o Lazy Dog Restaurant & Bar
o Katy Trail Ice House
• Since many Malls have lost tenants, they are in need of new ideas to replace department stores and since many Malls have a lot of extra square footage and resources, they can give larger amounts of improvements and keep the rents “sane”.
• Many of the above listed locations are seeking more urban areas to cluster or create “more synergy”. A few of the major clusters are:
o Grandscape
o Grapevine Mills
o The Star in Frisco
o Frisco Station
o The Farm in Allen
o The Hub
o Deep Ellum
o Uptown
o Trinity Groves
o Stockyards in Fort Worth
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