Shopping Centers Today International

DEC 2015

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

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Page 78 of 143

ULLDOZERS anD cRanES aRE tOiLinG around the world as developers, capitalizing on retailers' growth, are investing in ground-up developments and redevelopments. in the U.S. alone, 47 million square feet of new retail space is reckoned to have opened this year, up 4 percent from 2014, according to Marcus & Millichap. During the recent recession, single-tenant buildings drove development activity, but multi-tenant centers are back in fashion. Marcus & Millichap says annual volume of new retail center openings will double in 2016, 2017 and 2018 as developers get more ambitious. When it comes to the variety of projects in the pipeline, the picture could hardly be more diverse: it includes U.S. megamalls bold enough to break records for scope and scale; glimmering retail hubs for master-planned cities now under construction in china and the United arab Emirates; hangout-friendly retail oases alongside the Brussels canal or in view of the pyramids at Giza; and creative redevelopments of old shopping centers in places as far-flung as Bangkok, Manila and nashville. and while international markets do vary according to divergent demographics, governments and consumer cultures, some com- mon trends are now part of the retail mix all over the world, observers say. chief among these is the drive to create fun and engaging places that stir people's emotions and keep them coming back for more. "Shoppers today have more options than ever in the past," said Richard Pesin, executive vice president of anchors, development and construction at General Growth Properties. "Given that they have limited time to go shopping, where are they going to go? the answer is: Wherever they can have the best experience — the most entertaining, the most convenient. that's what we're striving to achieve." the north american pipeline continues to be dominated by a strategy that emerged B a WORLD OF PROJEctS The global appeTiTe for new reTail and enTerTainmenT is keeping The pipeline full and developers busy By Joel Groover d e c e m b e r 2 0 1 5 / S C T 79

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