Shopping Centers Today August 2014
ICSC has spurred productive relationships between the industry and government officials worldwide.— SCT August 2014
The Common Area
Plus-size women’s clothing sales (generally, size 18 and up in the U.S.) grew by 5 percent for the year ended in April, according to market research firm NPD Group.
Mall owner Macerich is looking to outlet centers as a vehicle for growth, and the firm is looking to Jamie Bourbeau to cultivate the strategy.
A private equity firm bought seafood restaurant chain Red Lobster in May for $2.1 billion in cash. One of the keys to financing the deal was the $1.5 billion sale-leaseback of about 500 of the roughly 700 Red Lobster restaurant properties.— SCT August 2014
The Bottom Line
The U.S. retail real estate market improved in the second quarter. Vacancies at U.S. strip centers were 10.3 percent, off 0.10 percentage point from the previous quarter, according to research firm Reis.— SCT August 2014
Few of the country’s earliest shopping centers remain active today, much less the handful built in the 1920s or before. Among the exceptions: Houston’s Tlaquepaque Plaza, which opened as Eastwood Shopping Center in 1929, at the onset of the Great Depression.
On the Ground
Here is what people may know about Cleveland: It is an old industrial city; it is losing population; it has a football team that could stand to win a few games. Here is what people may not know about Cleveland: It is a great retail town.