Shopping Centers Today

OCT 2011

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

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THE COMMON AREA Sawgrass carries the bag, rents get posher on Posh Street, Forest City tries 3-D virtual dressing rooms on for size able to store their merchan- dise while they shop, for a fee of $10 per bag. Sawgrass Mills offers free shipping Tourists visiting Sawgrass Mills, in Sunrise, Fla., may soon find shopping there a bit easier. Now they can have their purchases at the Simon Property Group–owned outlet mall sent directly to the airport or shipped anywhere in the country or to certain destinations abroad. The shopping center is making this service available in partnership with Bags to Go Enterprises, of Nevada, which offers off-airport check-in and baggage stor- age, claim and delivery ser- vices in Las Vegas and the Fort Lauderdale, Fla., area. "This marks our first launch into a retail destination, and we are confident that Sawgrass Mills' shoppers will embrace our services," said Keith Wiater, founder of Bags To Go, in a pre- pared statement. "Because of Sawgrass Mills' huge number of shoppers, which includes an impressive draw of people from around the world, we estimate that many will take advantage of our options to check, store or ship their bags." Sawgrass Mills shoppers will also be Shoppers can then call, text or e-mail Bags to Go to have purchases delivered to the car. Rents rise at some top retail streets Most of the sought-after urban retail corridors in the U.S. experienced strong market activity during the first half, as luxury and specialty retailers expanded their brands, according to CB Richard Ellis. Yearly asking rents on New York City's Fifth Avenue increased nearly 4 percent from last year, to $1,900 per square foot, returning the famed thor- oughfare to its 2007 peak, the firm says. Rodeo Drive, in Beverly Hills, Calif., like- wise continues to thrive. By year-end, this prime stretch of retail real estate is ex- pected to be 98 percent oc- cupied, as asking rents there continue at about $500 per square foot, CB Richard El- lis says. Miami's Lincoln Road from a year ago. Wash- ington's M Street, in the Georgetown district, saw asking rents surge 13.5 per- cent year on year, to $105 per square foot. Asking rents were flat at other top urban retail cor- ridors, including Boston's Newbury Street ($120 per square foot) and Chicago's Michigan Avenue ($500 per square foot). posted a 3 percent year- over-year increase, to $165 per square foot, and on Ho- nolulu's Kalakaua Avenue, asking rents are $260 per square foot, up 8.33 percent SNL'S TOP 10 MARKET ACQUISITIONS Retail square feet purchased by REITs in 2011, as of August 19 Market (Acquirers) Phoenix-Mesa-Glendale, AZ (Metro) San Francisco-Oakland-Fremont, CA (Metro) Buffalo-Niagara Falls, NY (Metro) Harrisburg-Carlisle, PA (Metro) San Jose-Sunnyvale-Santa Clara, CA (Metro) Austin-Round Rock-San Marcos, TX (Metro) Washington Court House, OH (Micro) Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (Metro) Sacramento-Arden-Arcade-Roseville, CA (Metro) As the economy stays fairly stable, luxury and specialty retailers seek to expand in many of these markets, says Nina Kam- pler, who heads CB Richard Ellis' urban retail group for the Americas. "The pro- nounced decrease in rents and increase in vacancy rates over the past few years have created opportunities for well-positioned retail- ers," she said in a prepared statement. "With tightened Regional Shopping mall center Other Total retail square feet 165,479 865,104 152,148 1,182,731 – 1,108,632 – – 1,108,632 – 474,765 – 473,640 – 446,600 – – 403,300 – 399,569 Miami-Fort Lauderdale-Pompano Beach-Homestead, FL (Metro) – 370,000 YTD 2011 Top 10 Totals - 526,000 526,000 – 474,765 – 473,640 – 446,600 - 410,016 410,016 – 403,300 – 399,569 NA 370,000 165,479 4,541,610 1,088,164 5,795,253 Data exclude merger-related acquisitions. "Market" represents metropolitan statistical area (MSA). SOURCE: SNL FINANCIAL OCTOBER 2011 / SCT 7

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