Shopping Centers Today International

MAR 2016

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

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14 S C T / M a r c h 2 0 1 6 w o r l d aT a g l a n C e Macy's Inc. says it will open a Bloomingdale's store in Kuwait in spring 2017 as part of a strate- gic partnership with the United Arab Emirates– based Al Tayer Group. Corporación Metroproyectos has broken ground on the $52 million Interplaza Xela, a 50,100-square-meter (about 539,000 square feet) mall scheduled for a 2018 open- ing in Guatemala ó in Quet- zaltenango, that country's second-largest city. This is to be the company's 10th mall. Cencosud, one of the larg- est mall and retail operators in South America, says it will spend some $2.5 billion over the next three years to expand its omni-channel operations, boost opera- tional efficiency and prepare for a spinoff of its mall division. The firm, which is projecting some $16 billion in revenues for this year, operates stores and/or malls throughout Argentina, Brazil, Chile, Colombia and Peru. The U.K. is getting a second Boxpark, with the scheduled opening this sum- mer of Boxpark Croydon, in London. The Boxpark concept is a shopping center constructed from shipping containers. The original Boxpark opened in Shoreditch, East London, in 2011. Boxpark Croydon will use up to 100 containers inside an atrium mall hous- ing independent food-and- beverage tenants. Prime retail space rent in London jumped by 9 per cent year on year in the fourth quarter. For 2015 as a whole, retail rents in the British capital grew by an average 18 per cent. Cosmetics, jewellery and ac- cessories chains helped drive the growth. National prime retail rents grew significantly slower, at 0.8 per cent year on year in the fourth quar- ter. The number of visitors to high streets fell by about 4 per cent in the quarter. Last year Hungary's com- mercial property sector hit its highest volume since 2007, with €790 million in transactions. Portfolio deals generated almost 60 per cent of the total volume. The yield spread between Hungary, Western Europe and other Eastern and Central European markets continues to be favorable at about 7 per cent for retail properties, according to JLL. Last year Hungary's com- mercial property sector hit its highest volume since 2007, with €790 million in transac- tions. Portfolio deals gener- ated almost 60 per cent of the total volume. The yield spread between Hungary, Western Europe and other Eastern and Central European mar- kets continues to be favorable at about 7 per cent for retail properties, according to JLL. Developer Art Invest has hired contractors to build Alter Wall Hamburg, a 150-metre-long shopping boulevard that will offer 18,000 square metres of offices and 12,000 square metres of retail space, to be completed in the summer of 2018 in Germany's second- largest city. Art Invest will spend €250 million on the project, which will incor- porate the nearby Bucerius Kunst Forum art gallery P r i m e r e t a i l s p a c e r e n t i n

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