Shopping Centers Today

JUL 2018

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

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Page 3 of 59 Editor in Chief EDMUND MANDER +1 646 728 3487 EDITORIAL Executive Editor BRANNON BOSWELL +1 646 728 3488 Art Director PENNY BLATT Copy Chief DAVID S. ORTIZ Copy Editor KRISTY ELDRIDGE Contributing Editors JOE GOSE JOEL GROOVER BEN JOHNSON BETH MATTSON-TEIG STEVE M c LINDEN ANNA ROBATON SPENCER RUMSEY JESSE SERWER ADVERTISING & MARKETING MICHAEL BELLI +1 714 313 1942 SHEILA CHARTON +1 646 728 3545 TERRI KELLY +1 781 709 2412 AMIE LEIBOVITZ +1 773 360 1179 SALLY STEPHENSON +1 847 835 1617 Production Manager DAVID STACKHOUSE +1 646 728 3482 ICSC OFFICERS Chair man VALERIE RICHARDSON, CRX, CLS President and CEO TOM M c GEE Vice Chairman DANIEL B. HURWITZ Past Chairman KENNETH F. BERNSTEIN Treasurer STEFAN FREIBERG For article reprints, call (866) 879-9144 or contact S H O P P I N G C E N T E R S T O D A Y SCT (ISSN 0885-9841) is pub lished monthly. VOLUME 39 ISSUE 7 © 2018, International Coun cil of Shop ping Cen - ters, 1221 Avenue of the Americas, New York, NY 10020- 1099; phone, +1 (646) 728 3800; fax, +1 732 694 1730. All rights reserved. Periodicals postage paid at New York, N.Y., and ad di tion al mailing offices. Sub scrip tions $70 per year; Canada and other foreign $99. Single-copy price $10 (May issue $20). For subscription information call +1 727 784 2000. POST MAS TER: Send address changes to Shopping Cen ters Today, 1221 Avenue of the Americas, New York, NY 10020-1099. Publications mail agreement No. 41482022, return undeliverable Canadian addresses to PO Box 503, RPO West Beaver Creek, Richmond Hill ON L4B 4R6. I CSC is focused on ensuring that the retail real estate industry is broadly recognized for the integral role it plays in the social, civic and economic vibrancy of communities across the globe. Shops and restaurants offer people places to meet and socialize, and they also generate the taxes that are vital for schools, roads, police, fire and a host of other public services and infrastructure that citizens depend on in their daily lives. In the United States alone, retail real estate generates $68.8 billion in local property taxes each year, and $321.8 billion in state sales taxes. We are all familiar with some of the high-profile retail developments that have revitalized major cities, as is happening now in downtown Detroit, among other places. But the article on page 26 of SCT this month shows how the openings of stores, restaurants and other businesses have reversed the fortunes of numerous other communities across the country that have suffered from post-industrial decline. From St. Louis to Cincinnati, Fort Worth to Minneapolis, Kansas City, Kan., to Jacksonville, Fla., stores and restaurants have brought neighborhoods back to life, attracting residents and tourists alike and increasing economic vibrancy. Another article this month (page 36) highlights a retail development in every state of the union, reminding us that our industry remains a vital engine of economic development in thousands of communities throughout the country. Each year $34.7 billion is spent in the U.S. on the construction of retail and entertainment properties, creating over $100 billion in economic activity. Some might overlook the importance of retail real estate to our communities and economies. ICSC will continue to ensure that credit goes where credit is due. Tom McGee ICSC President and CEO A M E S S A G E F R O M T H E P R E S I D E N T The importance of retail

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