Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/231459
O B I T U A R Y Integrity first GGP's matthew bucksbaum is remembered for his skill and ethics By Anna Robaton M ATThew BuCkSBAuM, the unassuming industry pioneer who turned a regional shopping center company into one of the largest and most respected firms in the business, died Nov. 24. he was 87. An ICSC past chairman, Bucksbaum retired in August 2007 as chairman of General Growth Properties, which traces its roots to the early 1950s when Bucksbaum and his brother Martin built their first shopping center in Cedar Rapids, Iowa. The industry was in its infancy then, and the brothers decided to exit the family grocery business and concentrate on developing shopping centers instead. Today, General Growth is the second-largest shopping center owner and retail real estate investment trust in North America. The Chicago-based company owns and manages 123 regional malls across the united States and is the country's largest third-party manager of regional malls. Bucksbaum was an industry pioneer, but his success in the business had much to do with his ability to anticipate changes and prepare his company to respond. In 1993, for instance, he and his brother Martin, who died two years later, took the company public, even though they had liquidated their first ReIT. The decision gave General Growth the financial muscle to participate in the wave of consolidation that began then. Matthew Bucksbaum's success made him one of the richest Americans, according to Forbes magazine, yet he always maintained a low profile both personally and professionally. his business acumen, modest demeanor and unwavering focus on integrity, hard work and respect for others earned him a GENERAL GROWTH PROPERTIES FOUNDERS MATTHEW (cENTER) AND MARTIN BUc (RIGHT) cHEc OUT PLANS FOR A NEW DEvELOPMENT IN THE 1950S. j an uar y 201 4 / SCT 51