Phillips Edison & Empresa, Inc. (PECO): 5 forças Análise [Jan-2025 Atualizada]

No cenário dinâmico de imóveis comerciais, Phillips Edison & A Company, Inc. (PECO) navega em um complexo ecossistema de forças de mercado que moldam seu posicionamento estratégico. Como um participante proeminente no desenvolvimento de shopping centers da vizinhança e da comunidade, o PECO enfrenta intrincados desafios e oportunidades nas relações de fornecedores, dinâmica do cliente, paisagens competitivas, substitutos em potencial e barreiras à entrada no mercado. Compreender essas dimensões estratégicas através da estrutura das cinco forças de Michael Porter revela as estratégias diferenciadas que permitem que a PECO mantenha sua vantagem competitiva em um mercado imobiliário de varejo em evolução.

Phillips Edison & Company, Inc. (PECO) - As cinco forças de Porter: poder de barganha dos fornecedores

Número limitado de fornecedores de construção e desenvolvimento de imóveis comerciais

A partir de 2024, o mercado comercial de construção de imóveis demonstra dinâmica concentrada de fornecedores:

Equipamento e materiais especializados necessários

O desenvolvimento do shopping center de varejo requer materiais específicos:

• Aço estrutural: US $ 3.200 por tonelada
• Vidro comercial: US $ 45 a US $ 65 por pé quadrado
• Sistemas HVAC especializados: US $ 25 a US $ 40 por pé quadrado

Dependência de material de construção regional e mercados de trabalho

Características regionais de mercado para a cadeia de suprimentos de construção da PECO:

Relacionamentos de fornecedores de longo prazo

Métricas de relacionamento com fornecedores de PECO:

• Duração média do contrato de fornecedores: 5,7 anos
• Repita a taxa de envolvimento do fornecedor: 68,3%
• Redução de preços negociados: 4,2% anualmente

Phillips Edison & Company, Inc. (PECO) - As cinco forças de Porter: poder de barganha dos clientes

Mistura diversificada de inquilinos

A partir do quarto trimestre 2023, Phillips Edison & A empresa gerencia 267 shopping centers ancorados em supermercados com 3.379 inquilinos totais. A composição do inquilino inclui:

Taxas de retenção de inquilinos

Taxas de retenção de inquilinos de PECO para 2023:

• Taxa de retenção geral: 87,3%
• Retenção de centros ancorados ancorados: 92,6%
• Taxa média de renovação do arrendamento: 75,4%

Estruturas de arrendamento

Detalhes do arrendamento para o portfólio de PECO em 2023:

Potencial de negociação

Fatores de negociação de inquilinos específicos do mercado em 2023:

• Taxa de ocupação: 94,2%
• Variação da taxa de aluguel por mercado: ± 7,5%
• Probabilidade de renovação com base na localização: 68,3%

Phillips Edison & Company, Inc. (PECO) - As cinco forças de Porter: rivalidade competitiva

Concorrência significativa nos mercados de shopping centers de bairro e comunitário

A partir de 2024, Phillips Edison & A Empresa, Inc. opera em um mercado imobiliário de varejo competitivo com o seguinte cenário competitivo:

Presença de múltiplos fundos de investimento imobiliário (REITs)

O setor de REIT de propriedades de varejo inclui os seguintes concorrentes -chave:

• Kimco Realty Corporation
• Regency Centers Corporation
• Federal Realty Investment Trust
• Cedar Realty Trust

Concentração geográfica

Distribuição geográfica de Peco a partir de 2024:

Estratégias de diferenciação

Métricas de diferenciação competitiva:

• Taxa de ocupação: 94.6%
• Pontuação de qualidade do inquilino: 8.2/10
• Termo de arrendamento médio: 5,3 anos
• Receita operacional líquida: US $ 422,5 milhões

Phillips Edison & Company, Inc. (PECO) - As cinco forças de Porter: ameaça de substitutos

Impacto de comércio eletrônico nos modelos tradicionais de shopping centers de varejo

A partir do quarto trimestre de 2023, o comércio eletrônico representou 14,8% do total de vendas no varejo nos Estados Unidos. Phillips Edison & A empresa possui 178 shopping centers ancorados em supermercados, com 96% de taxa de ocupação. As vendas de supermercados on -line atingiram US $ 187,7 bilhões em 2023, representando um crescimento de 13,5% em relação ao ano anterior.

Conceitos de desenvolvimento de uso misto emergente

O portfólio da PECO inclui 18 desenvolvimentos de uso misto. Os investimentos em propriedades de uso misto aumentaram 22,3% em 2023, com US $ 45,6 bilhões investidos em todo o país.

• Investimento de desenvolvimento de uso misto: US $ 45,6 bilhões
• Propriedades de uso misto PECO: 18 locais
• Ocupação média de propriedade de uso misto: 89,4%

Mudança de preferências de compras do consumidor

A preferência do consumidor por centers comerciais baseados em conveniência aumentou 17,2% em 2023. Os centros ancorados por supermercados mantiveram 92,3% das taxas de retenção de compradores.

Adaptação potencial por meio de estratégias de varejo experienciais

Os investimentos experimentais de varejo atingiram US $ 28,3 bilhões em 2023. A PECO implementou estratégias de varejo experimental em 42 propriedades, aumentando o envolvimento do inquilino em 15,6%.

• Investimento de varejo experimental: US $ 28,3 bilhões
• Propriedades PECO com estratégias experimentais: 42
• Aumento do engajamento do inquilino: 15,6%

Phillips Edison & Company, Inc. (PECO) - As cinco forças de Porter: ameaça de novos participantes

Requisitos de capital alto para desenvolvimento imobiliário comercial

Phillips Edison & A empresa exige investimento substancial de capital para o desenvolvimento do shopping center. A partir do quarto trimestre de 2023, o custo médio do desenvolvimento de um novo shopping center do bairro varia de US $ 150 a US $ 250 por pé quadrado. O valor total do portfólio imobiliário da empresa é de US $ 7,6 bilhões, com 268 shopping centers em 31 estados.

Zoneamento e barreiras regulatórias à entrada

Os desafios regulatórios criam obstáculos significativos para os novos participantes do mercado:

• O processo de aprovação de zoneamento pode levar de 12 a 24 meses
• Custos estimados de conformidade legal e regulatória: US $ 500.000 - US $ 1,5 milhão por projeto
• Requisitos complexos do município local

Relacionamentos estabelecidos com varejistas nacionais e regionais

Relacionamentos principais do varejista a partir de 2024:

• Kroger: 34 shopping centers
• Walmart: 28 shopping centers
• Alvo: 15 shopping centers
• CVS: 42 shopping centers

Conhecimento e conhecimento complexos do mercado

A vantagem competitiva de PECO inclui:

Phillips Edison & Company, Inc. (PECO) - Porter's Five Forces: Competitive rivalry

You're looking at the competitive landscape for Phillips Edison & Company, Inc. (PECO) right now, late in 2025, and the rivalry is definitely present. The space is populated by large, well-capitalized REITs that are major players in grocery-anchored retail, like Regency Centers and Kimco Realty. These firms have significant scale and deep pockets, meaning competition for premier assets and top-tier tenants is fierce. Still, the underlying sector fundamentals are incredibly strong, which helps everyone operating in this niche.

The sector itself is showing remarkable health. As of the end of 2024, the national vacancy rate for grocery-anchored retail was near historic lows at 3.5%. This tight supply environment means that when space does open up, the competition to secure it is intense, but it also provides significant pricing power for landlords like Phillips Edison & Company, Inc. (PECO).

Phillips Edison & Company, Inc. (PECO) is clearly outperforming against some of the general peer metrics, which is what you want to see from a management team. As of September 30, 2025, Phillips Edison & Company, Inc. (PECO) maintained a same-center leased occupancy of 97.9%. That level of occupancy suggests excellent tenant retention and strong leasing velocity, even with the competitive pressure from other REITs.

The company's scale provides a solid base for competing in this fragmented market. Phillips Edison & Company, Inc. (PECO)'s wholly-owned property count stood at 303 properties as of September 30, 2025, spanning 31 states. While this provides necessary scale, the broader market remains geographically fragmented, meaning local market knowledge and execution are still key differentiators against national giants.

Internal growth remains a key driver, reflecting successful execution in a competitive leasing environment. The midpoint of Phillips Edison & Company, Inc. (PECO)'s full-year 2025 same-center Net Operating Income (NOI) growth guidance reflects a year-over-year increase of 3.35%. This growth is underpinned by strong leasing spreads reported throughout the year.

Here's a quick look at how some of Phillips Edison & Company, Inc. (PECO)'s key operational metrics stacked up as of the end of the third quarter of 2025:

The strength of the tenant base directly impacts rivalry by reducing turnover risk. You can see this focus on necessity retail in their top anchors:

• Kroger
• Publix
• Albertsons
• Ahold Delhaize

Also, the leasing momentum shows pricing power, which is a direct counter to competitive pressures. For instance, comparable renewal leases executed during the third quarter of 2025 achieved a record-high rent spread of 23.2%. That kind of spread generation suggests that even with strong rivals, Phillips Edison & Company, Inc. (PECO) is commanding premium rents upon renewal.

Finance: draft a competitive positioning memo comparing Q3 2025 occupancy vs. Kimco Realty and Regency Centers by next Tuesday.

Phillips Edison & Company, Inc. (PECO) - Porter's Five Forces: Threat of substitutes

You're looking at the digital shift, and honestly, pure-play e-commerce definitely presents a theoretical threat to physical retail. But for Phillips Edison & Company, Inc. (PECO), the threat is heavily mitigated because their grocery anchors are essential for the very fulfillment methods that online players rely on. We see this in the numbers: U.S. click-and-collect retail sales, which includes Buy Online, Pick Up In-Store (BOPIS), are projected to hit $154.3 billion in 2025, representing a 16.2% year-over-year increase. Furthermore, up to 78.7% of those click-and-collect sales are grocery items. This means PECO's centers are not just competing with e-commerce; they are functioning as critical nodes for last-mile logistics, which is a huge advantage.

Alternative formats like enclosed malls or traditional power centers are far more substitutable because they often rely on discretionary spending. PECO's focus, however, is necessity-based retail. Over 70% of Phillips Edison & Company, Inc. (PECO)'s rental income comes from necessity-based tenants-think grocery stores and pharmacies-whose demand remains stable even when consumers tighten their belts. This defensive positioning makes their asset class inherently less susceptible to substitution by purely digital alternatives.

The validation for this necessity focus is clear in the performance metrics Phillips Edison & Company, Inc. (PECO) reported through the third quarter of 2025. While the prompt mentioned a nearly 16% jump in grocery sales, the broader U.S. retail food sector saw sales increase 3.9% year-over-year in June 2025 compared to June 2024, reaching $720.1 billion. More specifically to the digital adoption that validates the physical necessity, U.S. online grocery sales reached $11.6 billion in October 2025, up 10.5% year-over-year. For Phillips Edison & Company, Inc. (PECO) itself, the core asset class strength is reflected in their leasing performance and occupancy, showing tenants value the physical locations.

Here's a quick look at how Phillips Edison & Company, Inc. (PECO)'s operational metrics stacked up as of the end of Q3 2025, which really shows why substitution risk is low:

Substitution risk remains low because the physical grocery center is the essential hub for last-mile logistics, especially for the Pickup fulfillment method. While Delivery sales grew 30% year-over-year in August 2025 and captured 45% of total eGrocery sales, the Pickup segment actually contracted by 4% year-over-year that same month. This suggests that while consumers use digital ordering, the physical act of picking up-which happens at centers like those owned by Phillips Edison & Company, Inc. (PECO)-is still a primary, convenient option. To be fair, 77% of consumers use BOPIS primarily so they can see an item before taking it home, confirming the continued necessity of the physical touchpoint.

• 73% of retail shoppers engage across multiple channels before purchasing.
• 44% of click-and-collect customers buy additional items during pickups.
• Phillips Edison & Company, Inc. (PECO) has 85% of its tenants with low tariff risk exposure.
• Phillips Edison & Company, Inc. (PECO) expects full-year 2025 Nareit FFO per share growth at the midpoint of 6.8%.

Finance: draft 13-week cash view by Friday.

Phillips Edison & Company, Inc. (PECO) - Porter's Five Forces: Threat of new entrants

The threat of new entrants into the grocery-anchored shopping center space where Phillips Edison & Company, Inc. (PECO) operates is significantly constrained by substantial capital requirements. A new player would need to immediately deploy massive capital to compete on scale. Phillips Edison & Company, Inc. (PECO) affirmed its full-year 2025 gross acquisition guidance in the range of $350 million to $450 million. To match this, a new entrant would need immediate access to hundreds of millions in equity and debt capital just to begin building a competitive footprint. Phillips Edison & Company, Inc. (PECO) itself reported liquidity of $972 million as of the second quarter of 2025, supported by a net debt to trailing 12-month annualized adjusted EBITDAre ratio of 5.4x. This existing financial muscle creates a high hurdle for any startup REIT or private equity fund attempting to enter the market on a meaningful scale.

The scarcity of high-quality, grocery-anchored assets further deters new entrants. New construction is minimal due to high costs and supply chain constraints, meaning new players cannot easily create new supply to compete with existing, well-located assets. For instance, in-line store fit-out costs averaged $155 per square foot (psf) nationally in 2025, representing a 4% year-over-year increase. This high cost, coupled with limited new supply-which was under 100,000 sq ft annually since 2023-pushes the value of existing centers up. New entrants face the reality of buying established, high-performing assets rather than building them cheaply.

Phillips Edison & Company, Inc. (PECO)'s disciplined acquisition hurdle sets a high financial bar. Phillips Edison & Company, Inc. (PECO) management consistently states their focus is to solve for an unlevered Internal Rate of Return (IRR) above 9% on acquisitions. Furthermore, Phillips Edison & Company, Inc. (PECO) is actively recycling capital, noting they are able to sell product in the market today at about a 7% unlevered IRR while buying at 9%, creating a 200 basis point spread. A new entrant must be able to underwrite deals to meet or exceed this 9% target in a market where premium grocery-anchored centers trade at lower cap rates, typically in the five to six cap range. This required return profile, combined with the high cost of entry, screens out less aggressive or less capitalized potential competitors.

Existing REITs benefit from established scale and deep relationships with national grocers, which new entrants lack. Phillips Edison & Company, Inc. (PECO)'s portfolio of 303 properties across 31 states provides significant operational leverage. This scale translates directly into better negotiating power with national tenants, which is crucial for maintaining high occupancy and strong rent spreads. The sector as a whole is seeing increased institutional participation, with REITs becoming more active.

• REIT acquisitions in the grocery-anchored space hit $531M in Q1 2025.
• Phillips Edison & Company, Inc. (PECO) anchor occupancy was 99.2% as of September 30, 2025.
• PECO is targeting mid- to high single-digit core FFO per share growth annually long-term.
• The company's portfolio retention remained strong at 93.9% in Q3 2025.

Finally, regulatory hurdles and zoning complexities present a significant, non-financial barrier to greenfield development for any new entrant. While Phillips Edison & Company, Inc. (PECO) has a pipeline for outparcel development, establishing entirely new centers requires navigating local municipal approvals, which can take years and involve significant political capital. For example, a major redevelopment project involving a new Publix required seeking at least $48 million in incentives, including a $28.5 million completion grant, highlighting the complexity and public financing often required to bring new, large-scale grocery-anchored projects to fruition. This administrative friction favors established operators like Phillips Edison & Company, Inc. (PECO) who have the experience to manage these processes efficiently.