Affluent Boomers Flock to Town Centers
By: Michelle Diament Source: AARP Bulletin Today Date Posted: June 2007
Terry Zimmerman used to shop a lot by catalog because she hates mammoth malls. But when the Avenue Carriage Crossing opened near her home in Collierville, Tenn., Zimmerman's catalogs hit the trash.
Unlike an indoor mall, the Avenue features tree-lined blocks of specialty shops and cafes, "kind of like the town square," says Zimmerman, 59. "I get a little exercise because I'm outdoors, and I can enjoy the fresh air."
It's one of more than 150 "lifestyle centers"—open-air shopping centers designed like small-town downtowns—that have cropped up from Virginia to Oregon. Attracting many well-heeled boomers with a love of dining out, clothing and furnishings, they feature upscale and casual restaurants and stores. They also often have community areas for concerts or other events, and some offer condos and office space.
Memphis-based developer Poag & McEwen operates six lifestyle centers across the country. President Terry McEwen says 43 percent of shoppers at his locations are over age 45.
Ten to 12 lifestyle centers open each year, says Patrice Duker, a spokeswoman for the International Council of Shopping Centers. And the concept, she says, is "really still in its infancy."
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