Retail Real Estate Types Explained: A Guide for Athens, GA
Retail real estate covers a wide range of property types, from a small strip center to a grocery-anchored shopping center to a freestanding restaurant on a pad site. Each type has its own tenant mix, lease structure, and trade area, and knowing the difference helps tenants, owners, and investors ask better questions. This guide breaks down the most common retail property types you will run into in Athens and across Northeast Georgia.
| Retail Type | Typical Size (Approx.) | Typical Tenants |
|---|---|---|
| Convenience / Strip Center | Under 30,000 SF | Salons, takeout restaurants, dry cleaners, small services |
| Neighborhood Center | 30,000 to 150,000 SF | Grocery anchor plus local shops and services |
| Community Center | 125,000 to 400,000 SF | Discount and general merchandise, apparel, home goods |
| Power Center | 250,000 to 600,000 SF | Several big-box category leaders |
| Freestanding | Varies widely | Restaurants, banks, single-tenant retailers |
Size ranges are approximate industry guidelines. Actual properties vary.
Anchor Tenants
When you drive past a shopping center in Athens, you will usually notice that a grocery store like Kroger or Publix has the biggest space and the biggest sign. That tenant is the anchor, the largest tenant in the center, and the one that draws shoppers who then visit the smaller stores around it.
Because anchors bring in so much traffic, they often pay lower rent per square foot than the smaller tenants, according to NAIOP. Smaller tenants benefit from that traffic, and some leases include co-tenancy clauses that adjust rent if the anchor leaves.
Shopping Center Types
Convenience (Strip) Centers
Convenience centers, often called strip centers, are the smallest type of shopping center, usually under 30,000 square feet and laid out in a straight line. They offer a limited mix of goods and services to a small, nearby trade area, such as a salon, a takeout restaurant, and a dry cleaner side by side.
Neighborhood Centers
Neighborhood centers are typically anchored by a grocery store or similar daily-needs tenant, surrounded by smaller shops and services. They serve the surrounding few miles and tend to be some of the most stable retail properties because they depend on everyday spending.
Community Centers
Community centers draw from a wider area, typically three to six miles, and usually feature discount or general merchandise stores, apparel, and home goods. They generally range from about 125,000 to 400,000 square feet. Beechwood Shopping Center is a local example of this kind of center.
Power Centers
Power centers are built around several large, category-dominant retailers with a handful of smaller tenants. They are typically larger than community centers and pull shoppers from a broad trade area.
Lifestyle Centers and Malls
Lifestyle centers are open-air centers that mix national retailers with restaurants and entertainment in a walkable setting. Regional malls are enclosed, multi-anchor properties that draw from a large area. Both rely heavily on tenant mix and customer experience to stay competitive.
Store and Site Formats
Big Box
A big box is a large, freestanding store occupied by a category-dominant retailer, such as a home improvement or electronics chain. These buildings are typically at least 40,000 square feet and are often designed around one tenant’s needs, which can make them harder to re-tenant if the retailer leaves.
Freestanding
A freestanding retail building stands alone rather than as part of a larger center, usually with its own parking. Banks, restaurants, and single-tenant retailers often choose this format for visibility and control over their site. Unlike big box properties, freestanding buildings can be quite small.
Outparcels (Pad Sites)
An outparcel, or pad site, is a separate parcel at the edge of a shopping center, often along the main road or in the parking lot. Restaurants, banks, and drive-through users frequently build on pad sites, sometimes as build-to-suit projects.
Newer Retail Concepts
Experiential Retail
Experiential retail goes beyond selling products to give visitors something to do or see. Retailers might add demonstrations, classes, games, or other features that build the brand experience. NAIOP notes that retailers curate experiences that fit their brand. In practice, you can see this in anything from a store with a cafe and event space to an entertainment-driven tenant that draws people in for the experience.
Omnichannel Retail
Omnichannel retail blends online and in-store shopping. Common features include buy online and pick up in store (BOPIS) and buy online and return in store (BORIS). Large retailers such as Target, Walmart, and Dick’s Sporting Goods are well-known omnichannel operators, and these programs often change how much space a store needs for pickup and fulfillment.
Kiosks
Kiosks are small, independent stands or carts, usually placed in the common areas of malls or larger centers. They typically sell specialty goods and offer a low-cost way for small businesses to test a retail location.
Lockers
Retail lockers are self-service pickup compartments where customers collect online orders using a unique code. As online shopping grows, lockers are showing up at shopping centers as a small, space-efficient way to support pickup.
Why Retail Property Type Matters
- Lease structure: Many retail leases are triple net (NNN), which affects what a tenant pays beyond base rent.
- Tenant improvements: The type of space shapes what build-out is needed and who pays for it. See our guide to TI allowances.
- Traffic and visibility: An anchor-driven center, a pad site on a busy road, and a strip center with local services each draw very different customers.
- Re-tenanting risk: Highly customized buildings can be harder to fill if the original tenant leaves.
Retail Real Estate FAQ
What are the main types of retail real estate?
The most common types are convenience (strip) centers, neighborhood centers, community centers, power centers, lifestyle centers, regional malls, and freestanding buildings. Newer formats include experiential, omnichannel, kiosk, and locker concepts.
What is an anchor tenant?
An anchor tenant is the largest tenant in a shopping center, usually a grocery store or major retailer. Anchors drive customer traffic to the center and often pay lower rent than smaller tenants.
What is the difference between a big box and a freestanding retail building?
A big box is a large, single-tenant store, usually 40,000 square feet or more. A freestanding building is any retail building that stands alone, and it can be much smaller, like a bank branch or a restaurant.
What is a strip center?
A strip center, or convenience center, is a small row of retail spaces, typically under 30,000 square feet, serving a small nearby trade area.
What is an outparcel?
An outparcel, also called a pad site, is a separate lot at the edge of a shopping center, commonly used for restaurants, banks, and drive-through users.
What is omnichannel retail?
Omnichannel retail integrates online and in-store shopping, with options such as buy online and pick up in store (BOPIS) and buy online and return in store (BORIS).
Retail Opportunities in Athens
Looking for retail space? Browse our current properties, including retail space for lease at 1091 Baxter Street in Athens. To see how the market is moving, read our Athens Retail Market Mid-Year Report.
Whether you are leasing, buying, or exploring a pad site, our team can help. Learn more about our Leasing Services and Sales and Acquisitions, or contact us.
Questions about commercial real estate in Athens?
Contact Brian Elrod, CCIM at 678-859-6110 or brian@naielrod.com
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