Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/400168
hat's a landlord to think when headlines like "are Malls over?" and "stores Confront world with less Foot traffic" are cropping up on magazine covers, television news reports and in newspaper business sections? ed- ward sonshine, Ceo of toronto-based rioCan reit chalks it up to ignorance and the media's need for dramatic storytelling. "nobody over 35 can afford to work as a reporter anymore," he said at an sCtlive panel discussion in toronto, in september. "our story is boring, and the growth of something new is more exciting. it annoys me, but i ignore it, as do investors; the numbers speak for themselves." sonshine's firm owns and manages W Centers oF the retail UniVerse The vasT majoriTy of sales are TransacTed in cenTers, a reporT noTes, as e-Tailers scramble To open sTores By Joel Groover n o v e m b e r 2 0 1 4 / S C T 43 Canada's largest portfolio of shopping centers, at 340 properties across 81 million square feet, including 13 million square feet in the U.s. and 16 properties under development. Consumers are ignoring the negative hype as well, visiting malls and other kinds of shopping centers in droves, though how they shop has changed significantly since the birth of the traditional shopping center in the 1950s. shopping centers are performing well even as they undergo a profound evolution to keep pace with consumer habits, according to a new report by iCsC research. "the shopping center industry is vibrant and healthy," writes Michael P. kercheval, iCsC presi- dent and Ceo, in the introduction to Shopping Centers: America's First and Foremost Marketplace. "we believe [the industry] is poised for unprecedented success going forward — not in spite of e- commerce, but because of it." the 18-page report, available at iCsC.org, blends statistical data with big-picture analysis by a host of observers. and the big picture, the authors note, is quite encouraging. with new supply in america's well- developed markets growing at its slowest pace in some 40 years last year, the relative lack of shopping center construction is restoring the supply-demand balance and helping to shore up occupancy rates. new ten- ants are likely to lease even more space in the U.s. over these next two years as retailers open an estimated 77,000 stores — a five-year high. other positive trends include rising demand driven by strong population