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In a recent blog, we detailed why we are optimistic 2020 will be another strong year of growth for Kansas Asphalt. While that optimism extends across our biggest industry sectors, retail remains our biggest revenue driver and a sector we pay especially close attention to.
The news from the retail industry as a whole has been something of a mixed bag in recent years. Online shopping and other factors have taken a toll on certain types of brick-and-mortar stores, and malls and shopping centers in many markets continue to face significant challenges. Despite those trends, Kansas Asphalt has continued to grow revenue in the retail sector.
A recent report from the global real estate services company CBRE provides additional reason for optimism. One of many highlights in the report is a prediction that retail store openings will outstrip closings this year. According to the report:
Thousands of new stores will open nationwide in 2020, including by once online-only retailers that recognize the brand value of a physical store, and by food & beverage concepts, grocers and franchisers. Pop-ups to test brand collaborations, launch new products or test new markets will proliferate in urban markets and dominant malls (CBRE 2020 U.S. Real Estate Market Outlook report).
Health & wellness concepts are expected to continue to be one of the fastest-growing types of retail businesses. In many markets in which Kansas Asphalt works, we have seen the trend first-hand. Shopping centers that have seen some longtime traditional retailers close and leave have replaced them with various fitness centers and concepts, yoga studios and primary and/or urgent care centers, among other concepts.
“These brands are improving experience and loyalty through amenity-rich environments, customization, seamless online apps and subscription or membership-based models,” the report said.
As the retail sector will continues to evolve, we will continue to build on our customer relationships in the sector and seek new opportunities. Increasingly, our customers may provide different types of services and products than what traditional shopping center tenants have — but they will continue to need Kansas Asphalt to ensure they have the highest quality parking lots, sidewalks and stormwater solutions in the business.
After a concrete lot's total failure, Kansas Asphalt conducted a full assessment and developed a program to replace the surface and sub-grade over two years. The result was a new lot for this busy center, without interruption to business.
"Kansas Asphalt has been one of the best companies that I have used in the Southeast U.S. for remediating lot surfaces – asphalt, concrete and limestone."
Regional Facility Specialist
Little Rock, AR
International Bottling Company
Kansas Asphalt led the way for the construction management of the asphalt and concrete spaces on this busy lot and the business stayed open during the remodel of the lot. Kansas Asphalt worked for both the client and the third-party engineering firm in coordinating the schedule, activites, and great execution.
"This was a complex project, but it was easy working with Kansas Asphalt.”
Large Engineering Firm
Kansas Asphalt installed an asphalt plant on site, and organized a program to pave the 17-acre log deck over three years.
“Kansas Asphalt has been great to work with, consistently adhering to specs and timeframes as well as navigating any problems that we encounter on our projects.”
Vice President of Forestry Services
Large Timber Company
A hospital customer was experiencing continual water intrusion at one of their city campus locations in an area enjoyed by staff and visitors alike. Kansas Asphalt was able to identify and resolve the problem.
"I know when I work with Kansas Asphalt the project will go smoothly."
Head of Real Estate
Large Hospital System
Our capabilities to support parking lots are wide and deep. Whether you need a surface treatment, a full replacement or an expert to help with your project, we have a solution.