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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Page 44 of 59

Henderson, Tenn.–based research firm STR. Sa- vannah was the No. 1 destination domestically and the No. 3 destina- tion globally on the wish lists of users of Airbnb, a website whose clients may list, find and rent lodging worldwide — 1.5 million listings across 190 coun- tries, according to the site. Savannah's 13 million annual visitors spend an estimated $2.3 billion in the aggregate. The in- crease in travel last year probably contributed to sales growth on Brough- ton Street, according to Anderson. "Over the past year, we saw a 5 percent to 10 percent increase across all of our tenants that have been open and oper- ating on Broughton Street," Anderson said. The lineup includes resort wear by Tommy Bahama, as well as smaller goods and jewelry by L'Occitane and Kendra Scott that tend to be popular among tourists. H&M's four-story, 30,000-square-foot Broughton Street store, which is set to open in June, is likely to become a tourist draw too, Anderson says. Broughton Street's apartments are now fully leased and the retail leasing continues apace, he adds. "Our retail should be 75 percent leased by June and fully leased by the end of this year," he said. Ben Carter Enterprises was at- tracted to Broughton Street in part because Savannah continues to be a tourist destination. "You've got S o u t h e r n c h a r m , t h e S a v a n n a h River, historic buildings and now great shopping and New York–qual- ity restaurants operating here — like The Grey, Garibaldi and Elizabeth on 37th," Anderson said. Meanwhile, the city is becoming a top wedding destination: Another tenant coming to Broughton Street is Modern Trous- seau, which is known for its couture bridal-gown collections and operates shops in Charleston, S.C., Nashville, Tenn., and New York City. As landlords and retailers vie for tourist dollars, the edge will go to those that offer unusual tenants and rich experiences, Quinlan says. "Shopping centers need to make certain that they pull in that unique mix," she said. "Here's how I know that: For 44 months in a row, total retail spending has been eclipsed in growth by retail spending at busi- nesses that have $50 million or less in total retail sales. In other words, the consumer is choosing by her own volition to shop small and unique. It is not about the cheapest price; it is about the better experience." SCT M a r c h 2 0 1 6 / S C T 45 For the latest breaking news about shopping center development and the retail industry from Shopping Centers Today , follow @sctnews on Twitter and "like" us on Facebook .

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