Archive for the ‘Trends’ Category
by David Bodamer April 25th, 2007
The American Spectator offers its take on mall curfews. It links to a story that was carried on NPR.
NONETHELESS, AT THE LEVEL OF PUBLIC DISCOURSE, discomfort with teens hanging out in malls deserves some scrutiny. The idea has been discussed in town and city councils, and has been addressed in newspaper editorials.
Steve Spinetto is an architect, an urbanist, and a Boston city commissioner for handicapped access. If you’ve ridden Boston’s water taxis, you’ve seen some of his work, the floating, adjustable gangways that make it possible for people in wheelchairs to board the boats.
Spinetto, a city boy who grew up in Cambridge, immediately remarked on the differences between malls and real public spaces. “The mall, to kids in suburban towns — that’s their Harvard Square.” And he acknowledged problems. At the Cambridgeside Galleria, “They’ve even had shootings there.”
That said, “Personally I find it [a teen ban] a violation of civil rights. And I think the mayor feels that way. Kids have to have some place to go some time. You can handle it with increased patrols.”
But malls are private property, right? The owners can enforce whatever behavior they want.
Meanwhile, the Newburgh Mall in upstate New York has joined the curfew trend.
More on curfews here.
Related Topics: Management & Leasing, News, REITs, Retail Real Estate, Trends |
by David Bodamer April 23rd, 2007
Real Estate Bloggers has a link to a Motley Fool report on 401(k)’s Investing in Commercial Real Estate.
Last year marked the biggest year for merger activity in this real estate sub-sector, with private equity playing its hand in such deals as this February’s acquisition of Equity Office Properties Trust by Blackstone. It’s unlikely that much will stop the flow of money from the private equity spigot, and modest interest rates are helping to keep real estate a glamorous target.
New investors are also becoming lured into real estate investing as they become more familiar with the REIT structure. An increasing number of 401(k) pension funds have added REIT investment options, while many pension funds have increased their real estate allocation. Global markets have also witnessed the introduction of more REIT products, and curious foreign investors are apt to sightsee among the U.S. offerings.
Still, valuations are high, and it might be overly ambitious to expect double-digit returns. Demand for office space in the first quarter generally slowed, and like other segments of the real estate market, it’s all about location, location, location. Savvy investors need to look for those companies where demand for office space remains high and rent even higher.
Related Topics: Investment, News, REITs, Retail Real Estate, Trends |
by David Bodamer April 20th, 2007
The Retail Economic Development Blog pointed out this interesting piece in the St. Petersburg Times talking about how the area’s economic development efforts are paying off through increased taxes.
Like the rest of Florida, property values have grown dramatically in this small city just west of Westchase. But tax rolls suggest Oldsmar has doubled its property tax revenue since 2001 to $5-million.
“It’s the kind of company that I think every city would love to have,” City Manager Bruce Haddock said. “It’s high tech. Their average wages are certainly above the average wage for Pinellas County, probably the Tampa Bay area and state of Florida.”
The runup in real estate values has fueled another significant trend in Oldsmar’s tax base: Taxes from single-family homes are paying less and less of the city’s property taxes. That underscores the outcry that is prompting state lawmakers in Tallahassee to consider changing how cities and counties collect and fund their programs.
Related Topics: Development, News, Trends |
by David Bodamer April 19th, 2007
Two months after selling Equity Office Properties to Blackstone for $39 billion and in the middle of his attempt to acquire the Tribune Co., Sam Zell addressed a REIT symposium at New York University. There he predicted real estate would remain strong for at least two more years.
Speaking from notes and sporting his trademark business casual attire – a corduroy jacket over a striped shirt with the top two buttons open – Zell leaned over the podium as he walked listeners through 20 years of real estate market history. He opened with an anecdote about a 1984 Texas bumper sticker: “Please, God, give us one more oil boom. We won’t screw it up this time.”
He said the real estate market might as well have printed similar stickers – and that the industry did get its hoped-for boom. And though prognosticators have suggested that the market has peaked, he said the short-term outlook remains strong.
Related Topics: Finance, Investment, News, Trends |
by David Bodamer April 17th, 2007
Macy’s is testing quick-serve eateries at several stores in Florida.
Macy’s plans to introduce its own brand of quick-serve eateries and restaurants by world-famous chefs Wolfgang Puck and Todd English to Florida stores as a part of a national expansion project.
The department store chain expects to bring Macy’s Taste Bars – featuring a menu of signature soups, salads, sandwiches, as well as Macy’s brand gelato and coffee – to as many as eight stores across the state, including a location at the Town Center mall in Boca Raton, Macy’s Florida spokeswoman Melissa Goff said Tuesday.
In addition, Macy’s will open a Wolfgang Puck Express at a Broward County store and a café by Todd English called Fig’s at a Palm Beach County store, Goff said. She declined to say which mall stores would attract the new restaurants but said plans call for them to open this year.
Related Topics: News, Retail, Trends |
by David Bodamer April 11th, 2007
Figuring out how best to serve Baby Boomers remains a key question for the retail industry. Apparently, there’s still a lot to be learned.
Greenwald, 50, and Solomon-Turner, 60, share the same frustrations. They don’t understand why most stores don’t have a clue that while their bodies may be aging, their spirits are not.
“I am not in denial, but I also don’t have the AARP attitude,” said Greenwald, a real estate executive. “I won’t go to a store that focuses on older people.” She just snapped up a pair of red platform shoes and flaunts her toned figure by wearing slim-fitting clothes that graze right above her knee.
Solomon-Turner, who prefers black leggings, agrees.
“I keep an eye on the trends. I want to be in fashion,” said the co-owner of a public relations company. “But I don’t want to wear mini skirts.”
Related Topics: News, Retail, Trends |
by David Bodamer April 5th, 2007
Suddenly, the mainstream media is abuzz with the story that malls are increasingly employing curfews, a subject Retail Traffic tackled in March and in 2003.
Right now, an Associated Press story is making the rounds. There have been a few items in St. Louis-area news outlets as malls in that area are employing curfews. USA Today also tackled the story about a month ago.
Why so much fuss over mall curfews out of the blue?
Related Topics: Management & Leasing, News, REITs, Retail Real Estate, Security, Trends |
by David Bodamer April 2nd, 2007
Atlanta-based Capital City Development Corp. recently purchased the Crossroads Mall in Charlotte and will spend $12 million to convert it to a Latino-themed shopping center.
The Charlotte Observer has more. The center will be re-named as the Plaza Fiesta Carolinas. It’s the second such project for Capital City, which has been operating Plaza Fiesta is Atlanta for seven years.
Creating shopping centers catered to ethnic shoppers will be an key trend to monitor, especially in Southern states like the North and South Carolina and Georgia, where the Latino population has risen rapidly.
Related Topics: Development, News, Retail Real Estate, Trends |
by David Bodamer March 25th, 2007
How the value of its real estate is playing into a potential sale of Carrefour, the world’s second largest retailer.
Related Topics: International, News, Retail, Retail Real Estate, Trends |
by David Bodamer March 21st, 2007
Claire Stores is being bought by Apollo Management LP.
Claire’s Stores Inc., the Pembroke Pines-based costume jewelry retailer for teens, said Tuesday it has agreed to sell the company for $3.1 billion to New York-based private equity firm Apollo Management LP.
Under terms of the agreement, Claire’s shareholders will receive $33 in cash per share. The purchase price represents a 7.3 percent premium to the stock’s Monday closing price on the New York Stock Exchange.
Claire’s, which operates about 3,000 stores in the U.S. and around the world under the names Claire’s and Icing by Claire’s, sells low-cost costume jewelry and accessories to tweens, teens and young adults.
Related Topics: News, Retail, Trends |
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