Shopping Centers Today

MAR 2017

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

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T: +1 646 728 3800 F: +1 732 694 1730 Publisher PATRICIA NORINS Editor in Chief EDMUND MANDER +1 646 728 3487 EDITORIAL Managing Editor BRANNON BOSWELL +1 646 728 3488 Copy Chief DAVID S. ORTIZ Copy Editor VALERIE DAVID Contributing Editors STEVE BERGSMAN MARÍA BIRD PICÓ JOE GOSE JOEL GROOVER BEN JOHNSON BETH MATTSON-TEIG STEVE M c LINDEN REBECCA MEISER JEFF SUTTON ADVERTISING & MARKETING MICHAEL BELLI +1 714 313 1942 SHEILA CHARTON +1 646 728 3545 AMIE LEIBOVITZ +1 773 360 1179 SALLY STEPHENSON +1 847 835 1617 Production Manager DAVID STACKHOUSE +1 646 728 3482 ICSC OFFICERS Chair man ELIZABETH I. HOLLAND President and CEO TOM M c GEE Vice Chairman KENNETH F. BERNSTEIN Past Chairman STEPHEN D. LEBOVITZ Treasurer STEFAN FREIBERG For article reprints, call (866) 879-9144 or contact S H O P P I N G C E N T E R S T O D A Y SCT (ISSN 0885-9841) is pub lished monthly. VOLUME 39, ISSUE 3 © 2017, International Coun cil of Shop ping Cen ters, 1221 Avenue of the Americas, New York, NY 10020-1099; phone, +1 (646) 728 3800; fax, +1 732 694 1730. All rights reserved. Periodicals postage paid at New York, N.Y., and ad di tion al mailing offices. Sub scrip - tions $70 per year; Canada and other foreign $99. Single- copy price $10 (May issue $20). For subscription informa- tion call +1 727 784 2000. POST MAS TER: Send address changes to Shopping Cen ters Today, Sawida Worley, 1221 Avenue of the Americas, New York, NY 10020-1099. Publications mail agreement No. 41482022, return unde- liverable Canadian addresses to PO Box 503, RPO West Beaver Creek, Richmond Hill ON L4B 4R6. O pen-air centers are critical to the industry, and this month we make special note of them, in this magazine and at ICSC's Open-Air Summit in Miami. Currently, there are nearly 115,000 open-air centers in the U.S., according to ICSC Research, and on average Americans visit them once a week. For decades it's where we have gone to pick up groceries, drop-off the dry cleaning or buy a present from the locally owned toy store next door. Outdoor centers always have been places to shop, but they also are places where people gather and socialize. And, today, landlords are giving us even more reasons to head to outdoor centers, investing considerable capital to make them an even more important part of our communities. Owners are revamping retail mixes, adding new restaurants, dine-in movie theaters, microbreweries and many other experiential tenants. Many developers also are adding parks, homes, offices and hotels, once again, playing a key role in the revitalization of our cities and towns. In addition to providing 90 places to shop and eat, Karahan Cos.' $400 million Legacy West urban village, which opens in Plano, Texas, this month, will include apartments and offices. Kimco Realty's Dania Pointe, near Fort Lauderdale, will provide not just first-class shopping and entertainment, but also homes, offices and a 300-room hotel. These are just two of the many examples of how our industry is central to the social and economic vibrancy of communities across the globe. That is not to say there isn't still high demand for nuts-and-bolts grocery-anchored centers. On the contrary, as one of the articles in this edition points, these remain highly sought-after by investors and lenders. Once again, we are reminded that there is much to celebrate about our industry, and its demonstrated ability to continue evolving to meet consumer expectations. Embracing change A M E S S A G E F R O M T H E P R E S I D E N T Tom McGee ICSC President and CEO

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