Hot links: Retail news from around the world

Publish Date: December 09, 2016

Here's what international news sources are reporting about shopping centers:

UNITED STATES
 • Simon is renovating and revamping its portfolio of malls to stay ahead of competitors and consumer trends. Fortune

• Target plans to open a “flexible format” store inside a former Ralph’s supermarket in Orange County, Calif. The Orange County Register

• Retailers are flocking to Philadelphia’s Center City district, spending $1 billion on stores to target the fast-growing area. The Philadelphia Inquirer

• Miami’s planned American Dream megamall appears to be gathering the political support needed to become a reality. Miami Herald

• New Jersey real estate execs at the ICSC New York National Deal Making are optimistic about the future of retail in their state. Daily Record

EUROPE
• Planned commercial developments in central London and across the UK might be delayed over the next few years as investors and developers recoil from the country's exit from the European Union. Savills said retail, office and industrial development across Britain could decline by as much as  40 per cent from 2017 until 2021. Reuters

• The Ikea Group sold key subsidiaries that manage the group's supply chain for €5.2 billion ($5.58 billion) and plans to use the money to open more stores in city centres. Reuters

• Nash Bond's Richard Scott visited the ICSC New York National Deal Making conference as part of his plan to introduce new brands from the US to London. Here's what he found. Property Week

• US-based Hines purchased a 35,500-square-foot retail building on Milan's Via Torino for €52 million, on behalf of the Hines Pan-European Core Fund. The building's tenants include Geox. Commercial Property Executive

• Turkish president Recep Tayyip Erdoğan has asked mall owners to accept Turkish lira instead of foreign currencies for rent payments. Retailers are in favour of the policy. Daily Sabah
 

ASIA PACIFIC
• Ralph Lauren isn't the only international retailer closing its Hong Kong flagship store because sales aren't keeping up with climbing rents. Abercrombie & Fitch and Louis Vuitton are also rethinking their Hong Kong real estate strategies. South China Morning Post

• SM Prime opened its 60th mall, SM City East Ortigas, in Pasig City, Philippines. The two-level, 80,000-square-metre mall will house SM’s flagship retail brands — The SM Store and SM Supermarket — in addition to specialty stores such as Uniqlo, Watsons, SM Appliance Center, and Ace Hardware. Manila Times

• Tourist spending is surging in Australia, thanks to visitors from China, France, Germany Hong Kong, India, Indonesia, Malaysia, New Zealand, Scandinavia, Singapore, Switzerland, Taiwan and Thailand. The Travel Retail Business

• US based online retailer Amazon opened a showroom in Beijing’s Sanlitun Square that is designed to look like a giant shipping container and displays goods from Amazon’s UK and US websites that can be ordered for home delivery. A section of the showroom is dedicated to the Amazon Prime service, which made its China debut in October. Retail News Asia

INDIA
• Mumbai retailers are cutting prices to attract customers after the scrapping of large denomination bills. “Retailers are under pressure because sales have fallen for the last two-three weeks and are yet to recover. So, they are testing the market with discounts and promotions to lure consumers,” said Harminder Sahni, managing director at retail consultant Wazir Advisors. Bloomberg via Live Mint

• Transit-oriented shopping destinations such as airports, metro and railway stations have become increasingly popular owing to the convenience they provide to shoppers, says JLL's Pankaj Renjhen. The Economic Times

• French sporting goods chain Decathlon and a 120,000-square-foot lounge called The Arena will open at Delhi's first mall, Ansal Plaza. "We identified that sports shopping experience is one of the niches that lacks in other South Delhi malls and the event and experience that Ansal Plaza offers will help us live up to our promise of being the ultimate sports hub of Delhi," said Amit Phull, Head Retail Ansal API. "Also, the launch of The Arena along with other premium F&B Brands will help us in establishing the mall as an ultimate destination for various kinds of world cuisine." The Economic Times


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