Economic Development Newsletter
September 2024 - Cromwell

Three Questions for Craig Way

We sat down with Craig Way, Managing Director of HB Nitkin, property developer and owner of Cromwell Square, to ask him about working with the Town of Cromwell, what their recipe for success has been, and to look into the future of trends in retail developments.

Q:  Why Cromwell?

A:  Cromwell is one of the best towns in the county, in the second most high-income county in the state… but, really, with Cromwell’s central location, major highway access, and proximity to both Hartford and the Connecticut shoreline, it’s really ideal.  From a “doing business” standpoint, Cromwell is as business-friendly as they come, and the proof is in the pudding, as they say, with the smart development being planned and built within town.  It's not just all one type of development - it's a mixture of a lot of different uses that are sensible wherever they're being built - whether it's a hotel like a Spring Hill Suites, or whether it's a retail property, whether it's housing or multi-family housing, or an industrial property, from our standpoint, Cromwell seems to “get it” as far as what will make a town more economically viable.

Q:  You have developments in many towns across the State, so you’ve seen the good, the bad, and the ugly when it comes to the municipal economic development, planning and zoning, and permitting processes. How has your experience been with Cromwell?

A:  Cromwell is unique – from our perspective, working with the Town seems cohesive, in terms that all the departments communicate with each other. Not every town is like that. When a new tenant comes in, the planning and zoning office, the building department, the town manager, the chief of police, the health department, they're all together in sync.  They are very welcoming and offer to organize a meeting for all of the different departments to greet the business owner, be available to answer questions and help them in any way to make the process smoother. Don’t get me wrong, they do things by the book – not going to rubber stamp everything – but they are engaged and make sure that all departments communicate with each other. And towns aren't like that in general. I mean, Cromwell should teach a course for other towns!

Q:  Looking into your crystal ball, what trends do you see for tenant types in developments like Cromwell Square?  What’s the future for shopping malls?

We love our property – Cromwell Square - we've owned it for about 35 years, and there have been a lot of changes with the property, but it's always been as well-located a property as could be in Cromwell. As an owner, you want to create the best possible experience for the customers through the best possible tenants. But that hasn’t always been the case given we inherited K-Mart; however, we’ve been fortunate that we have been able to redevelop it as consumer behaviors have changed, and with the additions of Shop Rite, Marshalls, Burlington, Five Below, Texas Roadhouse, and Goldfish Swim School, we feel we have a good mix of complementary retail, restaurant, and service tenants for what the community wants and needs.

As for trends, unfortunately, we’ll continue to see the demise of the interior mall – with the exception of the great ones like West Farms, who drive traffic through ‘best in class’ anchor and specialty stores that are in touch with consumer shopping trends. Outdoor lifestyle centers are still popular – like Evergreen Walk or Blue Back Square. The key to success for retailers is being able to compete with the internet by providing experiences.  Those who provide an experience or entertainment while you shop or dine are the types of tenants who will win and will be sought out. Recent unique concepts include escape rooms and golf simulators coupled with a restaurant and bar component.  More typical successful concepts that compete well with the internet include top discount stores, quality quick service and casual restaurant concepts, health and beauty services stores, fitness studios and technology cell phone sales and service stores. And, of course, accessible medical services like urgent care, lab facilities, dialysis, physical therapists, and massage therapy facilities will continue to seek traditional retail locations for new locations and expansion options.