ICSC’s research department hosted a summer meeting on Friday, July 11, with its North American Research Task Force (NARTF). The NARTF meets with the department twice a year and is involved in planning ICSC’s annual Research Conference. The conference will be held this year on September 28-30 in Denver, Colo.
In addition to discussing future directions for the department, meeting attendees also heard from Eric Hertz, senior staff vice president for education, ICSC, who discussed how industry researchers can benefit from ICSC’s extensive education programs. Later, they listened to presentations by David Green, vice chairman, brokerage, at Cushman & Wakefield, on New York City’s evolving urban retail landscape (especially on Fifth Avenue and Lower Manhattan), and by Dennis Cantalupo, chief operating officer of Creditntell, who analyzed store activity and company health for upscale retail.
Cantalupo described the reasoning behind the credit ratings he assigned to retailers, listed which companies fell along the rating spectrum, and discussed how well executives’ strategies were likely to improve their bottom lines in the future.
Green analyzed the factors underlying retail store development in the following areas, among others:
- Lower Manhattan: As a result of massive capital infusion and a post-9/11 rebuilding effort, approximately 970,000 square feet of new, renovated and repurposed retail space is currently being marketed in this section of the city, with particularly noteworthy retail projects such as One World Trade Center, Brookfield Place (formerly known as the World Financial Center), the redevelopment of South Street Seaport as Pier 17, and the Fulton Transit Hub (which will include an estimated 65,000 square feet of new retail space). Retailers and developers are targeting an exploding residential population, office workers and tourists;
- Fifth Avenue: Shoppers will see an influx of fast-fashion retailers, several of which are part of an influx of foreign companies who are establishing flagship stores as part of their effort to enter the U.S. market; and
- Soho: Throughout much of the city, but especially in this area and the Meatpacking District, companies opening new stores face the challenge of adapting to retail use buildings that are protected by historical-landmark legislation.
The next North American Task Force meeting is scheduled for February 10-11, 2015, in El Paso, Texas.
For more information about how to join the North American Task Force, please contact Chris Gerlach, director of public policy research, ICSC, at email@example.com.
Other research task forces include:
European Research Group
Canadian Research Group
Mexican Research Group
Asia-Pacific Research Council