Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/122387
THe yeaR oF THe Mall U.S. MallS broke prodUctivity recordS in 2012 aS average nonanchor retail SaleS roSe to $448 per SqUare foot R By Joel Groover egional and super-regional U.S. malls posted their best performance ever last year, according to iCSC Research. This heartening picture is the result of solid holiday sales, stronger nonanchor shops and healthier home furnishings and electronics chains. "U.S. mall sales productivity beat its prerecession peak in 2011," said adam Morehouse, an iCSC research associate and author of a February report titled CenterView: U.S. Mall Performance. "So considering what happened in both 2011 and 2012, the results are quite strong. it looks as though we have turned a corner." Upscale malls played an outsized role in all this, says Cedrik lachance, a managing director at green Street advi- and that side of the business has done very well," he said. "Sales productivity has continued to increase at a brisk pace, occupancy has continued to go up, and rent pricing 164 SCT / M a y 2 0 1 3 illUSTRaTio n: ellen ByRne sors. "High-end malls are really what drives the bus here,