Shopping Centers Today November 2014
The vast majority of sales are transacted in centers, a report notes, as e-tailers scramble to open stores. Shopping centers are performing well even as they undergo a profound evolution to keep pace with consumer habits, according to a new report by ICSC Research.— SCT November 2014
The Common Area
Positive economic signals point to a stronger U.S. holiday shopping season. ICSC forecasts a 4 percent increase in sales during the November–December holiday shopping period, the strongest gain in three years.
New COO Steve Messing is helping to extend Ferber Co.’s reach. He has charge of expanding the real estate development and investment firm’s portfolio of net-leased, -freestanding properties throughout Florida, Georgia, the Carolinas and New Jersey. This position perfectly knits together his years of experience on both the retail and development sides.
Primark has become one of Europe’s most successful budget-apparel chains, with roughly 300 stores across the U.K., Austria, Belgium, France, Germany, the Netherlands, Portugal and Spain. Next up is the U.S., where Primark is primed to open its inaugural store in Boston, in the latter part of next year.— SCT November 2014
The Bottom Line
Until recently, Glimcher Realty had been pruning its portfolio to retain only the highest-quality properties. But when Washington Prime, the Simon spin-off REIT with properties ranging from B-level malls to low-rent community centers, came calling with a $4.3 billion merger offer, the prospect of tapping Washington Prime’s balance sheet was too good to pass up.— SCT November 2014
The K11 Art Mall, which opened last year on fashionable Huaihai Road, in Shanghai’s upscale Huangpu District, is as serious about art as it is about retail. Works of art are displayed throughout the 300,000-square-foot mall, though the prime gallery space occupies the lowest basement level, where a recently concluded exhibit of 40 paintings by Claude Monet was packed with viewers every day.
On the Ground
Macao seems to be moving out of its richer cousin Hong Kong’s shadow. Last year The World Bank ranked Macao fourth in the world in GDP per capita — $91,376 per capita — behind Luxembourg, Norway and Qatar, and its economy has grown by a little less than 14 percent annually for 10 years.