NVC's Reagan Hardwick observes how market conditions and online competition are shaping big-box retail: Clearly there are merchandise categories that are thriving as a result of changing consumer behavior and some that are exhibiting signs of sharp decline. For real estate investors, consideration of tenant composition has become an increasingly important factor. Comparable sales data and market participant interviews indicate that investors will pay a premium for category-dominant stores in growing merchandise categories and, conversely, will adjust for additional risk where the opposite may be true. Retail centers with a significant fashion component garner more attention from investors than retail centers lacking this category. Read more of Hardwick's observations in the July 18 issue.