Shopping Centers Today

SEP 2017

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

Issue link: https://sct.epubxp.com/i/863214

Contents of this Issue

Navigation

Page 25 of 59

26 S C T / S E P T E M B E R 2 0 1 7 S T O R E F R O N T S Home-improvement uptick boosts big retailers By Steve McLinden 3 1 7 . 8 5 3 . 5 4 7 5 w w w. t h o m p s o n t h r i f t r e t a i l . c o m A full-service, retail development company & trusted partner that specializes in full-phased shopping centers IDEALLY LOCATED NEXT TO IKEA AND TOPGOLF The Yard at Fishers District is a retail and entertainment center at the heart of the rapidly expanding city of Fishers, just north of Indianapolis. LEASING IS CURRENTLY UNDERWAY leasing@thompsonthrift.com THE LATEST DEVELOPMENT BY Look for the TTRG booth decline in existing home sales for June versus May. Driven by the tight market, the home-improvement industry is posi- tioned for more-robust growth of 4 to 5 percent over the next few years, slightly off the 6 percent sales bump it enjoyed in 2016, says Matt Craig, a re- search analyst and project manager for the Tampa, Fla.–based Home Improve- ment Research Institute. Home Depot and Lowe's both cited this housing trend as a momentum builder during first-quarter earnings calls. "There's a 3.8-month supply of inventory and housing on the market, R ising home prices and limited availability are forcing homeowners to stay put and invest in their current homes rather than trading up, a trend that is proving to be a boon for home-improvement retailers. While there are about as many for-sale houses in the U.S. now as in 1994, there are 63 million more people to house, according to U.S. Census data. This is a key reason that demand is outstripping supply and causing home prices to climb faster than income levels, according to the National Association of Realtors, which reported this week a 1.8 percent compared to the historical norm of six," said Home Depot Chairman and CEO Craig Menear. "That actually leans into people thinking about remodel versus move." Lowe's CEO Robert Niblock con- curs. "Nearly half of the owners we sur- vey indicated that they intend to engage in a home-improvement project in the next six months," Niblock said. Homebuilding material sales have grown from nearly $20.5 billion in February 2010 to almost $30.8 billion this past June, according to the Census Bureau. Meanwhile, overall home-im- provement spending is set to jump from $304 billion in this past second

Articles in this issue

Links on this page

Archives of this issue

view archives of Shopping Centers Today - SEP 2017