Shopping Centers Today

AUG 2018

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

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52 S C T / A U G U S T 2 0 1 8 N E W S M A K E R S CORNO JOINS STARWOOD l When diversifying a retail-dominant property into a mixed-use com- plex, it pays to have a diverse background. Such is the advantage Vincent Corno, CRX, brings to Starwood Retail Partners, a division of Starwood Capital Group, having become senior vice presi- dent of development in May, with oversight of the division's many U.S. rede- velopment and construc- tion projects. Corno is designing strategies for each of the 30 malls and lifestyle centers Starwood Retail manages to help re-create them as mixed-use com- plexes. He will also assist with the underwriting of potential acquisitions and negotiate with department stores and junior anchors. On his plate right now are the $125 mil- lion reimagining of The Shops at Willow Bend, in Plano, Texas; the mul- tiphase renovation of Stony Point Fashion Park, in Richmond, Va.; the addition of a mixed-use complex to MacArthur Center, in Norfolk, Va.; and the multiphase redevelop- ments of Northridge Mall, in Salinas, Calif., and The Mall at Wellington (Fla.) Green. Corno has been exec- utive vice president of Brixmor Property Group and the firm's Midwest president, and execu- tive vice president of leasing and develop- ment at DDR Corp. He has also held senior real estate positions at Dick's Sporting Goods, Forest City Enterprises, May Department Stores and Saks Inc. Corno is an ICSC past trustee. He holds both a bach- elor's and a law degree from St. Louis University and is a member of the Missouri and Illinois bar associations and a CPA. What is your primary strength? My primary strength is rooted in the strong friendships and diverse experience that I have had the good fortune of building in over 25 years in the business. I've worked with great people in virtually all commercial retail property types, from high street to main street, and from outlet to luxury malls. My training in both law and accounting has also proved to be very useful with the complex- ity of our business. That diverse background is invaluable in identifying and executing on the possibilities in our port- folio, and in helping to overcome the many hur- dles that redevelopment presents. What is your biggest challenge in today's environment? Dispelling the entirely false narrative that "bricks-and- mortar retail is dead." It's not. It's in the midst of a major transition, to be sure — one that is requir- ing all of us to be more creative in rethinking our properties as places to do more than buy goods. Our projects are places where people want to work, live their lives, eat out, be entertained and make memories. My job is to set the stage for all of that as we develop and implement unique and creative reinventions of our centers. This requires working closely with our leasing team to make sure we are creating the right stages for each tenant, be it retail, restaurant, entertainment facilities, office or more. n eye, for instance, on the ways shop- ping center landlords decide to re- lease and/or repurpose space that was once occupied by department stores, and what their collective efforts could mean for the traditional mall model. "What is that model going to be- come?" she posits. omas also intends to do further reporting on the implications of the Amazon acquisition of Whole Foods. How will that deal affect the price of groceries or what is sold in supermar- kets, say, and does it pose a threat for grocery-anchored centers? "I would admit there is still a lot to learn," she said. "I feel like I've scratched the surface of a lot of these stories and a lot of these [retail] companies, but I want to dig in so much deeper." n SIMON NAMES MCDADE CFO l Simon announced that Brian McDade, a 14-year vet- eran of the Indianapolis-based firm, will succeed Andrew Juster as CFO and executive vice president. The change is effective Oct. 1. McDade has held a succession of senior finance and accounting roles of increasing respon- sibility during his career with Simon, most recently as senior vice president and treasurer. Juster will retire from the company at the end of this year. n

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