Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
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to be Halloween, but in addition to all the traditional holidays, the chain offers wares in regions here and there for the likes of Mardi Gras, Chinese New Year and Kwanzaa, as well as for birthdays, graduations and other celebratory times. "They have really done a good job in trad- ing out merchandise within their stores so it is always fresh and there is always a reason for customers to be there no matter what the time of year," said Finnegan. "In most markets they have no direct competition," said Tonya Creekmore, a principal in the At- lanta office of Avison Young. Dollar stores and others sell party supplies, of course, but none with the selec- tion range of a Party City, she says. "Because of this uniqueness, and minimal overlap with other tenants, they are attractive to a merchandising mix," she said. Party City has been expanding in the Southeast, most notably in Florida and Georgia, she says. Party City recently executed a lease in Fayetteville, Ga., for 21,000 square feet. The stores typically mea- sure between 14,000 and 25,000 square feet. Beyond its store sales, the com- pany also designs, manufactures and distributes party supplies and costumes worldwide: Balloons, party invitations and themed plates and napkins were sold in about 40,000 retail outlets across 100 countries. In fact, third-party wholesale revenues account for nearly one-third of the company's total revenues. The master-franchise agreement in Mexico with a subsidiary of Grupo Oprimax gives the latter exclusive rights to open Party City stores across Mexico. Oprimax, which has helped expand U.S. brands like OfficeMax and Bed Bath & Beyond in Mexico, expects to open at least 80 Party City stores by the end of 2024, beginning with three that are likely to be open within the next 12 months. Beyond this, Party City is saying nothing at the moment about addi- tional global expansion. But in North America, at least, its message remains simple and direct: Party on! S C T 18 S C T / J u l y 2 0 1 5 "In most markets [Party City has] no direct competition. Because of this uniqueness, and minimal overlap with other tenants, they are attractive." For the latest breaking news about shopping center development and the retail industry from Shopping Centers Today , follow @sctnews on Twitter and "like" us on Facebook .