Bill Hutchinson, President and Chief Executive Officer of Dunhill Partners, Inc., challenged the narrative of shopping center decline during a keynote address to the Cornell Real Estate Council. With over 40 years of experience and more than $5 billion in transaction volume, Hutchinson presented a forward-looking view on the sector's resilience. He noted that predictions of the shopping center's death 25 years ago never materialized, as these properties have instead adapted and reinvented themselves.
Hutchinson emphasized that physical retail remains the dominant channel for consumer spending, with e-commerce accounting for only about 15% of U.S. retail sales. The remaining 85% continues to flow through brick-and-mortar stores, reinforcing the enduring relevance of shopping centers. People want places to gather, dine, and connect—experiences the internet cannot replicate, he stated. This fundamental human desire underpins the sector's ongoing importance.
Acknowledging the closure of legacy retailers, Hutchinson highlighted the sector's ability to backfill vacancies with new concepts aligned to evolving consumer preferences. He described retail's adaptability as a core strength, pointing to the rise of service-based and experiential tenants as a key driver of occupancy stability. From fitness clubs and entertainment venues to medical providers and family-oriented attractions, these uses are breathing new life into second-generation spaces.
Experiential and service-driven businesses are fueling demand across the country, keeping fundamentals strong and reinforcing the shopping center's role as a community anchor, Hutchinson explained. The audience responded enthusiastically to these insights during a dynamic Q&A session that touched on capital markets, redevelopment strategies, and tenant trends. Students and young professionals gained firsthand exposure to the lessons of a leader who has navigated multiple market cycles.
Hutchinson's message was clear: retail real estate remains one of the most durable and opportunity-rich sectors in commercial property. His optimism resonated with attendees, many of whom are preparing to shape the industry's future. The event provided a platform for discussing the sector's transformation and ongoing relevance. For more information on Dunhill Partners, visit https://www.dunhillpartners.com.
