The New Tenant Mix Playbook

Key Takeaways from the Report:

1. Apparel has lost its traditional anchor role. Apparel visits fell nearly 25% between 2019 and 2025, while fitness, wellness, coffee, grocery, and off-price / value retail gained traffic. 
2. The next generation of anchors requires a new approach to tenant evaluation. Landlords should look beyond square footage and traditional anchor status and evaluate tenants based on metrics like visit frequency, traffic growth growth, e-commerce risk, and dwell time – with the strongest mixes combining categories that bring different strengths to the center. 
3. Neighborhood and lifestyle centers require different ecosystems. Neighborhood centers remain grocery-led and should layer in high-frequency and service-oriented uses. Lifestyle centers are increasingly dining- and experience-led and should optimize for dwell time, destination appeal, and cross-shopping.
4. Fitness, wellness, and food & beverage have emerged as new primary anchors that strengthen centers in different ways. Fitness creates exceptionally frequent, long visits, while wellness brings fast-growing, e-commerce-resistant demand. Dining adds another dimension by extending dwell time and creating destination appeal, particularly at lifestyle centers. 
5. Off-price is the exception within apparel – and a meaningful opportunity. Ross, Burlington, and the TJX banners continue to grow traffic and store counts even as much of traditional apparel contracts.
6. Local trade area considerations should shape the tenant mix. The category framework may hold across markets, but landlords should match specific concepts and banners to the income profile and customer base of the trade area.