Shopping Centers Today

MAR 2017

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

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54 S C T / M A R C H 2 0 1 7 DDR's Vince Corno applies his retail background to open-air centers By Joel Groover Fresh perspective Vincent A. Corno joined DDR Corp. as executive vice president of leasing and development last July, having already invested much of a 25-year real estate career on the retail side, in senior executive roles at Dick's Sporting Goods, Saks, Inc. and The May Department Stores Co. SCT sat down with Corno to talk about industry trends, DDR's strategy and his own career path. Given your years in top positions at Dick's, Saks and May, could you talk about what it has been like to move to the other side of the table? The temptation was always there. In fact, in the mid-2000s I had a brief introduction to the landlord side when I spent a couple of years at Forest City Enterprises. In terms of general observations, what I would say is that on the retail side, real estate representatives are basically focused on controlling costs. While growing bricks-and-mortar locations is always very important to a retailer, at the end of the day what drives topline revenue are sales of shirts and skirts, so to speak. Contrast that with being on the landlord side of the business. There, the leasing capacity of your real estate drives the topline fortune of the company, and so the role of real estate is elevated. In terms of the minutiae of deal making: No surprises there. I've been there, done that. But in this role at DDR, one thing that has been quite interesting to me is the broad scope of investor relations, and how the company performs as compared to its peers. N E W S M A K E R S E X E C U T I V E M OV E R S A N D S H A K E R S P O R T R A I T : R O G E R M AST R O I A N N I

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