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Academic retail: No oxymoron anymore
Colleges are increasingly becoming retailersDate published: 1/27/2008 BY BILL FREEHLING The University of Mary Washington's recent foray into retail operations may be new for Fredericksburg, but it's part of a common trend for colleges nationwide. Colleges in Virginia and throughout the U.S. have often bought and developed retail centers near their campuses to enhance the student experience. "It's pretty prevalent," said Rick Hurley, UMW's acting president. Last month, UMW announced that its private real estate foundation had purchased the Park & Shop shopping center in Fredericksburg for $18.75 million. The 21-acre property on U.S. 1 across from the Fredericksburg campus increases acreage by about a third. UMW expects the foundation to spend another $60 million to $100 million developing a pedestrian-friendly residential and retail project over the next 10 years. None of the money will come from the state or from student fees. Park & Shop was built in 1963 and has 31 spaces for tenants. It has lately lost some allure, with seven vacant storefronts accounting for about 56,000 square feet of unused space. Many U.S. colleges have followed a similar path of buying up land on the edge of campus that was falling into disrepair, said Bob Hassmiller, chief executive of the Charlottesville-based National Association of College Auxiliary Services. Hassmiller pointed to Washington University in St. Louis and Temple University in Philadelphia as two schools that have done this. Often, he said, that land is unattractive to others but perfect for universities looking to expand. Hassmiller said the trend toward colleges owning retail operations has been in place for the past 15 to 20 years. He noted that athletic arenas also have become more commercial, citing the University of Virginia's John Paul Jones Arena as an example. College bookstores also are increasingly getting involved with retail operations by selling computers, jewelry and other merchandise to students. Charlie Schmidt, spokesman for the National Association of College Stores, said this trend is partly due to a decline in textbook sales. Before UMW's real estate foundation bought Park & Shop, Hurley toured four other Virginia colleges that have made the jump into retail development in recent years: Virginia Commonwealth, Longwood, Old Dominion and Christopher Newport universities. Hurley said those schools also bought land close to campus and developed retail establishments that cater to students. Student housing also was incorporated into the mix.
Date published: 1/27/2008
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