The past year has brought a flood of new concepts to the market, enough to keep brokers, tenant reps and owners happily occupied for some time to come. Why the burst of innovation? In part, it reflects a better retailing climate. There are dozens of examples of emerging retail stars, but here are six standouts
Even in a season of big deals, General Growth's $12 billion acquisition of Rouse stands out. One clear reason is price. General Growth agreed to pay $67.50 a share for the Columbia, Md.-based Rouse, a 33 percent premium over the REIT's previous close, and also agreed to assume $5.4 billion in Rouse debt
Shoppers are a demanding bunch.
They expect top-rung stores and a choice between pizza and pan-fried dumplings for lunch, but their list of wants goes far beyond that. They want good air conditioning on a sweltering day. Security that shields them from wannabe hoodlums. A parking lot free of broken glass. And, whether they realize it or not, effective marketing that encourages them to spend money. Center managers know all this. They also know how expensive it is these days to provide such services
Ed Vinson certainly doesn't need any more frequent flyer miles. The Mills Corp. executive vice president got more than he could use during construction of the company's glitzy new Madrid Xanadu in Spain, sometimes crossing the Atlantic a couple of times a month to meet with the firm's partner and check on the mall's progress. The upgrades to first class will come in handy, too, as Vinson helps Mills move ahead with projects in Italy and maybe elsewhere.
Mills is in the first wave of a trend that's likely to reshape U.S. mall REITs in the next few years
Retail Traffic profiles five young, retail real estate high achievers, including a superstar broker, a hard-driving director of real estate, two nationally known developers and a rising retail architect.