B
ill Hutchinson, president and CEO of Dunhill Partners, spoke to the Cornell Real Estate Council on November 20 at a lunch he hosted in his own Doce Mesas restaurant on Maple Avenue. With more than four decades in the industry and over $5 billion in transaction volume, Hutchinson delivered a forward‑looking presentation titled “Observations and Future Predictions for the State of Retail CRE.”
He opened by recalling a 25‑year‑old article that warned of the “death” of shopping centers, noting that the feared collapse never materialized. Instead, malls and strip centers have proven adaptable, becoming essential community hubs where people still gather to shop, dine, and socialize—experiences that e‑commerce cannot duplicate. Hutchinson highlighted that online sales represent only about 15 % of U.S. retail, leaving 85 % in brick‑and‑mortar stores, underscoring the sector’s resilience.
The talk also addressed the natural turnover of tenants. While long‑standing names such as Bed Bath & Beyond, Conn’s, Tuesday Morning, and Blockbuster have closed, new concepts continually replace them, reflecting shifting consumer preferences. Hutchinson emphasized retail’s capacity for reinvention and the rise of service‑based and experiential tenants—gyms, theaters, medical centers, bounce houses, salons—that drive demand for second‑generation spaces. This shift keeps occupancy rates high and market fundamentals robust nationwide.
The audience, composed of students and early‑career professionals, engaged enthusiastically. A lively Q&A followed, covering capital markets, redevelopment strategies, and emerging tenant trends.
