Thomas McGuinness, president and CEO of InvenTrust Properties, joined Nareit in New York for a video interview at REITweek: 2019 Investor Conference.
McGuinness said he expects the grocery business to evolve more in the next five years than it has over the past 15 to 20 years.
“We always want to have the number one or number two grocery operator in each one of the markets [we’re in] because there’s going to be capital needed for the grocery store of the future,” McGuinness said.
He added that the grocery store of the future could include delivery via driverless cars, more ready-to-eat meals for sale, and the use of virtual reality glasses.
Regarding its redevelopment program, McGuinness said InvenTrust likes the idea of buying land next to an existing property or buying outlet parcels, particularly bank branches that can be converted into new retail.
McGuinness said InvenTrust is “closer to the end than we are to the beginning” regarding the REIT’s capital rotation, noting that the REIT has bought and sold $3 billion worth of properties in the past three years.