Shopping Centers Today

SEP 2018

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

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Page 3 of 59 Editor in Chief EDMUND MANDER +1 646 728 3487 EDITORIAL Executive Editor BRANNON BOSWELL +1 646 728 3488 Art Director PENNY BLATT Copy Chief DAVID S. ORTIZ Copy Editors VALERIE DAVID KRISTINA ELDREDGE Contributing Editors JOE GOSE BEN JOHNSON BETH MATTSON-TEIG STEVE M c LINDEN ANNA ROBATON BENNETT VOYLES ADVERTISING & MARKETING MICHAEL BELLI +1 714 313 1942 SHEILA CHARTON +1 646 728 3545 TERRI KELLY +1 781 709 2412 AMIE LEIBOVITZ +1 773 360 1179 SALLY STEPHENSON +1 847 835 1617 Production Manager DAVID STACKHOUSE +1 646 728 3482 ICSC OFFICERS Chair man VALERIE RICHARDSON, CRX, CLS President and CEO TOM M c GEE Vice Chairman DANIEL B. HURWITZ Past Chairman KENNETH F. BERNSTEIN 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 9 © 2018, 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 information call +1 727 784 2000. POST MAS TER: Send address changes to Shopping Cen ters Today, 1221 Avenue of the Americas, New York, NY 10020-1099. Publications mail agreement No. 41482022, return undeliverable Canadian addresses to PO Box 503, RPO West Beaver Creek, Richmond Hill ON L4B 4R6. A recent Wall Street Journal headline ("Strong Retail Sales in June Boosted Growth") rightly credited our industry for the second quarter's significant jump in U.S. economic growth. As we all know, our industry fuels economies worldwide, with retail sales contributing a significant portion of most countries' gross domestic product. For example, total retail sales account for about 26 percent of U.S. GDP, contributing about $5.1 trillion to the economy (page 7), and the picture is similar across the globe: In China, the U.K. and Australia, retail sales make up about 18 percent of GDP, while in Mexico that number is approximately 16 percent. In every country, the benefits of the commercial activity driven by our industry is broad-based. The retail real estate sector alone directly supports 34.8 million U.S. jobs, and in Europe it generates 27 million jobs. Sales in European shopping centers totaled €761.7 billion ($885.1 billion) last year, and total sales of goods and services contributed over €1.7 trillion in tax revenues. In the U.S. the industry generates $321.8 billion annually in state sales taxes and $68.8 billion in local property taxes. Among other services, those revenues fund critical infrastructure, education, police and fire departments, and parks. Numbers tell the true story, namely that the retail real estate industry continues to be a major catalyst of global economic growth. A bellwether connecting Main Street and Wall Street, the industry's impact stretches from individual wallets to the global economy. Tom McGee ICSC President and CEO A M E S S A G E F R O M T H E P R E S I D E N T How our industry fuels economies

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