by Elaine Misonzhnik October 19th, 2010
Simon Property Group unveiled an iPhone app for its centers this week. The app is available through the iTunes app store and is compatible with iPhones, iPads and iPod Touch devices. It is supposed to integrate with user’s Facebook, Twitter and Foursquare accounts.
Simon says the app will focus on providing consumers with on-the-go access to retailer promotions and what’s going on at their local Simon property including new store openings and experiential events. Customers will also be able to check the balance of their Simon Giftcard, help them locate their cars in mall parking lots or garages, sign up for Simon emails that alert them to special deals, and enjoy other benefits.
Earlier this year, Simon already signed up for a mobile app at 25 of its centers that gives shoppers access to discounts when they walk into a Simon property or into one of the participating stores at its centers.
So far, CBL & Associates Properties has been the only other major retail REIT to unveil a proprietary mobile app. Many other property owners are trying to figure out how to take advantage of the new mobile technology.
Related Topics: Management & Leasing, News, Retail Real Estate, Trends |
by Elaine Misonzhnik October 12th, 2010
This is news landlords have been eagerly waiting for: New York-based research firm Reis Inc. just reported that the vacancy rate for U.S. malls fell for the first time in three years in the third quarter, to 8.8 percent from 9.0 percent the quarter prior. The vacancy rate for strip centers didn’t budge, but neither did it increase. (Here’s a version of the story with a graph, courtesy of Calculated Risk).
Yet Reis researchers caution the retail real estate industry against too much optimism. Many long-term leases are set to expire in the fourth quarter, they say, and it’s likely that in the current subdued retail environment, many tenants will not renew. For more stories on retail and retail real estate, follow the links below:
Related Topics: Management & Leasing, News, REITs, Research, Retail, Retail Real Estate, Trends |
by Elaine Misonzhnik September 13th, 2010
Remember all the talk about commercial real estate being the next shoe to drop? Based on recent statistics, that fear might have been overblown. The CoStar Group reports that delinquencies on commercial real estate loans started to subside in the second quarter of 2010 and are expected to fall further by the end of the year. For this and other stories about retail and retail real estate, follow the links below:
Related Topics: Finance, Management & Leasing, News, Research, Retail, Retail Real Estate, Trends |
by Elaine Misonzhnik August 26th, 2010
In the wake of all the fanfare surrounding Simon Property Group’s partnership with the Shopkick mobile app, CBL & Associates announced it will soon launch its own mobile app for iPhone, iPad and iPod Touch users. The mall owner feels mobile marketing is the way of the future and has been talking to app developers for the past few months. It finally settled on Slicker Interactive LLC as its partner. CBL’s mobile app, mallMerlin, will be launched at the majority of CBL’s malls by the beginning of next year.
The app will mimic the natural way people shop, according to CBL’s spokesperson. The content will be customized to the individual shopper and his/her location within the center and will include special promotions, high-definition video and in-mall navigation tools. CBL’s retail tenants will be able to participate in the program free of charge, but will have to pay a fee if they opt to upgrade their content by, for example, offering digital coupons.
Madison Marquette was the first mall owner in U.S. to launch a property-specific mobile app earlier this year, for its Asbury Park center.
Related Topics: Management & Leasing, News, Retail, Trends |
Navigating The Uncertainty of FAS13
by David Bodamer October 20th, 2010
There has been a flurry of analysis in the past couple months about Financial Accounting Standards 13 (FAS 13), proposed new lease accounting standards from the U.S. Financial Accounting Standards Board and the International Accounting Standards Board. The standards would require all lease liabilities to be accounted for on corporate balance sheets as capital leases rather than as operating leases.
We tried to summarize some of the implications for retail real estate in a recent piece. Our sister publication NREI also examined the issue in a piece in September.
But there are several other good primary reports out there that folks in the industry should find of interest. Read the rest of this entry »
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