Evening star., 1940-09-14
Modernized Stores
Urged on Owners 10
Produce Dividends
Cost Burden Shifted
From Lessee Since
Pre-Depression Days

The owner of a piece of retail
business property under today's con-
ditions not only cannot afford to per-
NIT his property to become obsolete
but also must concern himself with
It's whole neighborhood He should
continually encourage modernization
of nearby property, thereby stabiliz-
ing incomes and values and heading
of decentralization o. business in
his community as well as physical
decadence and obsolescence of the
neighborhood, Frank S. Slosson,
Chicago, points out in the current
issue of the Journal of Certified
Property Managers
Sound, economical, practical, in
telligent streamlining of both the
exteriors and interiors of retail
stores is paying and will continue to
pay large dividends" concludes this
recognized authority on retail busi-
ness property leasing. who in his ar
ticle on streamhning the retail store
both for chain store tenants and for
independent er-operated stores,
where the lease is to run for a rea-
sonably long-term period, are seldom
concluded without a definite agree
ment which generally includes
modernization of both interior and
exterior.
Must Draw Public.
Mr.. Slosson, past president OF the
National Association of Building
Owners and Managers and one-time
head of the property management
division of the National Association
of Real Estate Boards says: "The
prospective tenant has learned that
to succeed, in addition to careful
selection of location, he must in
dividualize his establishment by
thoroughly modernizing the front
window treatment indicative of his
type of merchandising and interior
treatment, including proper fixtur-
ing. which will attract and keep
business by catering to the comfort
of his customers.
In many lines of business, es-
pecially those serving women, air
conditioning is as essential as good
merchandising and proper interior
development.
"As most progressive merchants
are well aware of the value OF
modern fronts and individualistic
up-to-date flxturing, every well-de-
veloped primary and subcenter dis
trict has conspicuous examples of
the value Of new, bright, appealing
store fronts and thoroughly modern
retail business establishments.
Costs Shifted to Owner.
Prior to the depression. competi-
tion between merchandlSerS, both
independent and chain. for good 10
cations gave the property owner an
opportunity in almost all cases TO
lease his ground-f1oor stores with
the responsibility of modernization
and construction work entirely as
sumed by the leasee Decline in in
comes, increase in vacancies, and
bankruptcies have modified this
situation to the extent that new
leases frequently include moderni-
zation agreement with considerable
participation on the part of the
owner
AS an example of rise in retail
business volume and in property
values which is possible today
through intelligent neighborhood
use of modernized store fronts and
interior f1xturing, Mr.. Slosson tells
the story Of the rise of business
neighborhood in the village of Oak
Park, Chicago suburb, over the lasts
II years.
In these years, despite depression
conditions, there has been in the
l. lie neighborhood Of three and one
half blocks which is now the 100
per cent district" as result of con-
centrated effort at modernization,
an enhancement in souare-foot as
we'll as front-foot values and, in
addition, continually increasing mer-
chandising volumes for substantially
all of the establishments operating
in the district. From a small neigh
borhood shopping center, this retail
district has developed to the point
that, on the two sides of a single
block, volume for the year 1899 eX-
ceeded $145OO,OOO. The village has
profited by the increase in taxable
property and higher valuations, and
the real estate ownership by in
creased property values and incomes,
by many hundred pc, cent in COM
parison with former tax receipts and
former values and incomes.
This, Mr.. Slosson says, is not an
unusual example of the economic
values that can be brought to COM
munity through the intelligent de-
velopment of an up-to-date retail
business center.