Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
Issue link: http://shoppingcenterbusiness.epubxp.com/i/752067
Volume 20, Issue 2 June 2015 President/CEO Exec. Vice President Scott Reid ADVERTISING SALES Richard Kelley Senior Vice President Alicia Lewis Conference Manager Angelina Varagona Conference Coordinator INTERFACE CONFERENCE GROUP Richard Kelley Senior Vice President Alicia Lewis Conference Manager Angelina Varagona Conference Coordinator CIRCULATION & ADMINISTRATION Tammy Orr Circulation Director Teresa Hennington Office Administrator Jacqueline Newman Advertising Traffic Charlotte Ray Circulation Assistant John-Paul Abraham Administrative Assistant For subscriber services, including change of address, please call or write to: SHOPPING CENTER BUSINESS Customer Service Department P.O. Box 47065 Plymouth, MN 55447-0065 telephone 1-800-869-6882 E-mail: scb@kmpsgroup.com or visit our subscriber services portal at: www.shoppingcenterbusiness.com SHOPPING CENTER BUSINESS (ISSN 1088-3339) is published monthly by France Publications, Inc., d/b/a France Media, Inc. © 2015 France Publications, Inc. Editorial and advertising offices are located at Two Securities Centre, 3500 Piedmont Road, Suite 415, Atlanta, GA 30305. Telephone (404) 832-8262. Facsimile (404) 832-8260. E-mail: scb @ francemediainc.com. Periodicals Postage paid at Atlanta, GA, and at additional mailing offices. POSTMASTER: Send address changes to SHOPPING CENTER BUSINESS, P.O. Box 47065, Plymouth, MN 55447-0065. Shopping Center Business is a registered trademark of France Publications, Inc. Subscription rates: USA 1 year, $79; 2 years $126; outside USA, 1 year $99 ($129 air mail delivery); 2 years $166 ($226 air mail delivery). Single copies are $10.00. The opinions and statements made by authors, contributors and advertisers to Shopping Center Business are not necessarily those of the editors and publishers. © 2015 France Media, Inc. To photocopy items from Shopping Center Business in quantities of 100 or less, authorization must be obtained from and a fee paid to the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, telephone (978) 750-8400. For quantities of more than 100, please contact Barbara Sherer, manager of special advertising, at (630) 553-9037. Publisher Randall Shearin Vice President/ Randall Shearin Chief Financial Officer Scott France Senior Vice President/ www.shoppingcenterbusiness.com Editorial & Operations Associate Editor Tammy Orr Circulation Director EDITORIAL Michael Jacobs Editor-in-Chief Jerrold France FROM THE PUBLISHERS Jerrold France Editor-in-Chief Michael Jacobs EDITORIAL Circulation Director Tammy Orr Associate Editor Editorial & Operations www.shoppingcenterbusiness.com Senior Vice President/ Scott France Chief Financial Officer Randall Shearin Vice President/ Randall Shearin Publisher 2 • SHOPPING CENTER BUSINESS • December 2016 I n October, we held a roundtable with a number of institutional investors in retail in New York. Several of these firms manage billions of dollars worth of retail real estate, and we were most interested in their thoughts on the class because retail is experiencing such an evolution right now. One of the questions posed to the attendees was, "What com- pels you to keep acquiring retail?" The an- swers to that question are quite impressive from this group, which does a staggering amount of research and makes educated decisions based on investors' goals. The factors they cited in continuing their in- vestment in the sector? Strong occupancy and lack of new space, chief among them. With supply constrained and retail occu- pancy at record high levels in many mar- kets, rents are growing. Retail also offers stable income, cited a few. A number of in- vestors also cited the evolution of retail as something the sector will embrace. Please read an edited version of the roundtable on page 112. As the industry gathers at the ICSC New York Dealmaking this month, we look forward to seeing more concepts, projects and ideas that will continue the evolution of retail. We recently gathered an esteemed group of New York area retail real estate executives to discuss the city's market. The roundtable yielded insights into the area's retail climate, including re- discovering some neighborhoods and the health of new projects. We also discussed some national trends, and their insights were similar to those we heard from in- stitutional investors in the industry. To read our New York roundtable, please see page 58. In both of the roundtables, the recur- ring theme was that retail is evolving and that the industry is changing with it. With the advent of more experiential retailers and food offerings prevalent at centers, the shopping center industry is less depen- dent on credit tenants; that is a major shift from the past. We heard several times that a retailer's reputation is its credit today. Moreover, shopping center owners know that to get shoppers today, they have to have tenants that differentiate their stores from other retailers and even their own stores. At Brookfield Place in New York City, owner Brookfield requested that tenants build unique stores. That has paid off; the center is full of one-of-a-kind offerings, even from multi-unit retailers. Many other centers around the country are reformulating and adding entertain- ment, food and unique retailers to create a draw for today's consumer. This will be in focus at SCB's upcoming Entertain- ment Experience Evolution conference February 7-8, 2017, in Santa Monica, Cali- fornia. For more information, visit www. interfaceconferencegroup.com/eee2017 or see the ad on pages 28-29 that features the more than 40 speakers we have lined up thus far for the two-day event. We are pleased to bring you some new industry stories this month, including one on the transition of Excel Realty into a new entity known as Shopcore (page 136) and a feature on how Rouse Companies is acquiring and redeveloping regional cen- ters across the country (page 86). As we finish 2016, we want to take this opportunity to thank all of our readers, advertisers, sponsors and sources for your support. If you find that Shopping Center Business can ever be of assistance to you, please do not hesitate to reach out to us. SCB Volume 21, Issue 8 December 2016 Chairman and CEO President Katie Sloan Lynn Peisner Staff Writer ADVERTISING SALES Scott France Co-Publisher Craig McIntosh Media Advisor Ryan Nixon Media Advisor Jeff Wright Media Advisor Robin Reimold Media Advisor Barbara Sherer Media Advisor/ Classified Ad Sales INTERFACE CONFERENCE GROUP Richard Kelley Senior Vice President Alicia Lewis Conference Manager Jordan Hopkins Conference Coordinator CIRCULATION & ADMINISTRATION Tammy Orr Circulation Director Teresa Hennington Office Administrator Jim Clark Advertising Traffic For subscriber services, including change of address, please call or write to: SHOPPING CENTER BUSINESS Customer Service Department P.O. Box 47065 Plymouth, MN 55447-0065 Telephone 1-800-869-6882 E-mail: scb@kmpsgroup.com or visit our subscriber services portal at: www.shoppingcenterbusiness.com SHOPPING CENTER BUSINESS (ISSN 1088-3339) is published monthly by France Publications, Inc., d/b/a France Media, Inc. © 2016 France Publications, Inc. Editorial and advertising offices are located at Two Securities Centre, 3500 Piedmont Road, Suite 415, Atlanta, GA 30305. Telephone (404) 832-8262. Facsimile (404) 832-8260. E-mail: scb @ francemediainc.com. Periodicals Postage paid at Atlanta, GA, and at additional mailing offices. POSTMASTER: Send address changes to SHOPPING CENTER BUSINESS, P.O. Box 47065, Plymouth, MN 55447-0065. Shopping Center Business is a registered trademark of France Publications, Inc. Subscription rates: USA 1 year, $79; 2 years $126; outside USA, 1 year $99 ($129 air mail delivery); 2 years $166 ($226 air mail delivery). Single copies are $10. The opinions and statements made by authors, contributors and advertisers to Shopping Center Business are not necessarily those of the editors and publishers. © 2016 France Publications, Inc. To obtain reprints, permissions and copies, please contact Barbara Sherer, manager of special advertising, at (404) 832-8262 or bsherer@francemediainc.com. ® Positive Factors Scott France Jerrold France