Shopping Centers Today

APR 2015

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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REPORT "I've done everything, even babysit their kids," said one attendee at an SCTLive event titled "Nurturing In- dependent Tenants," in San Francisco this week. Panelists and others discussed the best ways to seek talented entrepreneurs and help them succeed and grow into retail chain operators. "Many times local tenants are stronger at what they do than we are at what we do," said Richard Wolf, senior vice president of leasing at Madison Marquette. "We have a lot to learn from them." Particularly in California, a variety of ethnic minority retailers serve their growing communities and make excellent shopping center tenants, panelists said. Immi- grant communities can be great sources for landlords scouting out entrepreneurs wanting to launch a retail business, said José de Jesús Legaspi, presi- dent of The Legaspi Co., which operates a multiten- ant marketplace within Macerich's Desert Sky Mall, in Phoenix. "They are willing to take risks," Legaspi said. "They move faster than the big retailers. And they inspire more consumer loyalty than big chains." The Legaspi marketplace collection of tenants sell- ing Hispano-centric goods and services has become a big traffic draw, with 68 percent of those visitors going on to shop at the mall's traditional in-line ten- ants, he says. Kimco Realty hired Asian brokers that can negotiate in Mandarin, Cantonese and Korean to help lease its Cupertino (Calif.) Village center, which sits across the street from Apple's headquarters and caters to Asian shoppers. The decision has proved so successful that the firm is spending about $20 mil- lion to upgrade and expand the shop- ping center, said Nicole Hauscar- riague, senior director of real estate for the firm's Northwest region. Once the tenant is signed, a landlord should help make sure it gets started on the right foot. "Construction costs can kill you before you even start," said Sam Hudda, president of Sam's Jewelers, which operates mall stores throughout the Bay Area. Sam's serves a largely Hispanic clientele, with pieces selected specifically to appeal to a Roman Catholic heritage. Kimco's KEYS incubation program supports and nurtures new retailers, and several other big landlords have similar internal incubation programs offering counsel- ing and reduced rents to small tenants with potential. "Investing in curating tenants can be rewarding," Wolf said. "But financial pressures don't allow most redevelopments to spend the time." Register for these upcoming events at 12 S C T / A P R I L 2 0 1 5 Landlords, mom-and-pops make good team, panel says Retail development in Lower Manhattan June 23, 2015 • 11:30 a.m.–2:30 p.m. New York City Lower Manhattan is home to Wall Street, South Street Seaport and the redeveloping World Trade Center area. The area, often referred to as the "fnancial capital of the world," is infused with new energy, thanks to millions of investment dollars pouring in. Hear about how the develop- ers and retailers active in the neighborhood are capitalizing on these changes. Urban retail gold rush Sept. 24, 2015 • 11:30 a.m.–2:30 p.m. Washington, D.C. This special panel of top industry and public- sector leaders will give candid views on the future of urban retail development and redevel- opment in America's cities. Learn what goes into the design, development and execution of large- scale development and redevelopment. Hear about strategies to optimize retail sales, drive market share and create long-term value. Adding healthcare uses to retail projects Oct. 6, 2015 • 11:30 a.m.–2:30 p.m. Dallas Health-care tenants make for healthy centers. Health care facilities may just be the cure for what ails many a struggling shopping center. Hear from shopping center landlords and a health care system executive about the ben- efits of this tenant category. S C T L E G A S P I

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