Shopping Centers Today

DEC 2018

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

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Page 7 of 99 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 Editor KRISTINA ELDREDGE Contributing Editors MARÍA BIRD PICÓ JOEL GROOVER BEN JOHNSON BETH MATTSON-TEIG STEVE MCLINDEN REBECCA MEISER MISTY MILIOTO BRADY NG ANNA ROBATON BENNETT VOYLES 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 Chairman VALERIE RICHARDSON, CRX, CLS President and CEO TOM MCGEE 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 published monthly. VOLUME 39 ISSUE 12 © 2018, International Council of Shopping Centers, 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 additional mailing offices. Sub- scriptions $70 per year; Canada and other foreign $99. Single-copy price $10 (May issue $20). For subscription information call +1 727 784 2000. POSTMASTER: Send address changes to Shopping Centers Today, 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. M oody's Investors Service recently raised its outlook on the retail industry to "positive," noting solid progress in the past year. Substantial retailer investment to reinvigorate their physical stores and continued eorts to advance omni-channel technology is paying o; sales are up, and retailers are looking forward to a robust holiday season. In fact, this has been a good year for the retail real estate industry as a whole. For all that has been said about the closures of retail stores, space availability in the U.S. fell across every shopping center category in the third quarter, noted CBRE in its third-quar- ter report. Rents rose (by 4.3 percent during the quarter), as did core retail sales (by 5.5 percent). Meanwhile, U.S. consumer confidence hit an 18-year high in October, buoyed by low unemployment. We have seen some sales growth in Europe too, and declining unemployment is expected to boost sales further, according to BNP Paribas Real Estate. Where there have been challenges, landlords have found opportunity, replacing empty boxes with vibrant new retailers, restaurants and other, much more lucrative, uses (page 22). Because of initiatives like these, retail centers and stores remain popu- lar places for people to shop, dine and be entertained. We have marked progress in other ways too this year, notably with the groundbreaking South Dakota v. Wayfair Supreme Court decision allowing states to require online retail- ers to collect and remit state sales taxes the same way physical retailers do. This marked a major victory for ICSC and our industry, which has long campaigned to have online and offline sales treated equally on taxation. States are quickly getting on board and passing the necessary legislation (page 10). And ICSC is working diligently to ensure that retailers in Europe are on an even playing field when it comes to taxation as well. In short, there has been much to celebrate in the past year, and there is more good news to come: ICSC forecasts that U.S. shoppers will spend some $807 billion during the holidays, an increase of 4.5 percent over last year, with roughly $685 billion being spent on gifts and other holiday items, and about $122 billion on food-and-beverage. (This is partly why Moody's raised its prediction for 2018 sales growth overall to between 4.5 percent and 5.5. percent.) Before the holidays, however, I am looking forward to seeing many of you at New York Deal Making, where, as I shared previously, we will be debuting Retail in Focus, which will showcase emerging brands that are reshaping shopping for consumers today, including digital natives that are moving to the next stage of their life cycle by adding a physical retail footprint. The show, like the year that preceded it, promises great things for our industry in the year to come. 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 Building on our successes

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