January 31, 2014
January 31, 2014
January 28, 2014
The ICSC Industry Snapshot is a bi-weekly report presented as an info-graphic; produced by ICSC’s Communications department. This dashboard presents an overview of key industry metrics in an easy to follow and visually pleasing format, so that the user can quickly navigate it and take away a high-level view of industry performance. Furthermore, the dashboard is presented in a mobile format so that the user can easily access it on their smartphone or tablet. Each installment of the snapshot features; U.S Shopping Center sales, Weekly U.S. Chain Store Sales, Shopping Center NOI by Area, the latest ICSC Shopping Center Executive Survey, CMBS Delinquency Rates, U.S. Chain-Store Sales by Segment, U.S. Shopping Center NOI by Type, U.S. Shopping Center Jobs, and other Shopping Center Facts.
January 21, 2014
January 10, 2014
The ICSC Foundation’s professional development scholarships are closing in just over a weeks. It is time to apply for either the John T. Riordan Professional Education Scholarship or the Planigrupo Latin American Fellowship in Honor of Milton Cooper and Dave Henry.
Several of our past scholarship recipients have been kind enough to share their experiences and tell you why you should apply.
Brixmor Property Group
The JTR Scholarship gives you the opportunity to network with retail real estate professionals from across the country, discussing best practices, the business environment for their region, etc. The other students I met at the school in Scottsdale have become lasting relationships, and resources for professional growth.
There is absolutely nothing to lose in applying. It takes a few hours to complete the application, and have the chance to be granted a full expense paid trip to beautiful Scottsdale and Las Vegas to improve your skills, network with like-minded individuals, and add to your professional resume.
Thornton Oliver Keller
As someone who pays attention to all of my business expenses because I am 100% commission and relatively new to the industry, I was on the fence about investing in attending the Leasing II course this year. These courses are worth your time and money, as they are compact with information and industry tips you can’t get from a textbook. It was great to meet other up and coming real estate professionals and swap stories about their markets and companies. I highly recommend this school and plan on attending this year.
Los Bravos Development Group
It’s a great opportunity to learn, to share experiences and to network with high level industry leaders. Don’t miss out!!
Rouse Properties, Inc.
I met and formed relationships with junior and senior industry professionals. I was able to connect with several retailers through the friends that I made at the conference. Great experience! I recommend to all.
The deadline is January 20th for both the JTR Scholarship and the Planigrupo Fellowship. Benefits of both include all expenses paid trip to a John T. Riordan School for Retail Real Estate Professionals and to an award ceremony at RECon.
Check out an interview with Danaria Farris McCoy, CDM, CSM who shared her JTR experience.
January 9, 2014
By: Sarah Ritchie
Over the last several years, there has been a rapid expansion in academic degrees focused specifically on the real estate discipline. The curricula and programs vary and include undergraduate and graduate degrees, interdisciplinary real estate development programs (often in schools of planning or architecture), and finance-driven majors, located in business schools. While it is natural that students interested in jobs in real estate (and retail real estate specifically) would gravitate to these degree-granting programs, I hope this posting will serve as a reminder to young people engaged in other areas of study: they, too, should consider this field as a career option. This point was made—by both Michael Kercheval, President & CEO of ICSC, and Jason Greenstone, a member of the retail services team at Cushman & Wakefield—to a recent group of University of Oklahoma MBA students visiting ICSC during their winter break. Like so many other business students in America, the students are matriculating with general business coursework, containing little emphasis (comparatively speaking) on real estate. As an OU alumn, I am most certainly prejudiced, but I believe our industry would welcome them with open arms.
The small group of students are the “cream of the crop,” if you will, from the OU Price School of Business. These “Price Scholars” enjoy full financial scholarships to underwrite their MBA studies, in addition to other educational opportunities. For example, this summer they will be in New York, taking classes at the NYU Stern School of Business and working at internship positions around Manhattan. The intellectual history of the OU Business School, coupled with its location in an oil and natural gas rich state, leads the university to focus on energy related classes, in conjunction with general business courses. The study of retailing and real estate is nominally included in a variety of classes during the two-year program. Yet, we all encouraged these young people to join ICSC’s student membership program and learn more about the field.
Over the lifetime of the ICSC student membership program, we have embraced student participants from a vast array of academic disciplines: architecture, law, economics, marketing, fashion/art, and the social sciences, among others, standing side-by-side with general business students and those specializing in real estate and development. These young people attend all sorts of schools—large universities with free-standing real estate programs, but also smaller schools and liberal arts colleges that do not have such academic opportunities. ALL are welcome.
As I make this argument, I need only draw from the experiences of top-leaders in the industry to show that not all industry leaders studied retailing and real estate during their university days. While some “grew up” in the family-owned shopping center businesses and others set out on an academic program in real estate, many did not. These personal stories of serendipitous opportunities in retail real estate have become a familiar theme in many of our presentations and seminars, organized for young people.
Consider, for example, the story of Michael E. McCarty, now an Executive Vice President for Simon Properties, the world’s largest owner of shopping centers. Having been raised in a family of modest means, McCarty admits that he didn’t enjoy the prospect of attending college. Rather, after graduating high school, he worked in restaurant management. Through some twists and turns of fate, he eventually took a very low-level position in shopping center management and has literally worked his way up the Simon corporate ladder, obviously with lots of innate “smarts,” creativity, grit and determination. Or take the case of Mary Lou Fiala, the recently retired President and COO of Regency Centers, a REIT based in Jacksonville, Florida. After completing a college degree in retailing at Miami University in Ohio (a degree she earned while raising a young family), she had a long career working for a number of large retailers like Macy’s Federated. Only later in her career, was she recruited by Regency—and subsequently trained by the company, to learn the nuances of leading a REIT from a retailer’s perspective. Fiala demonstrated such success that she was eventually elected to serve as the global board chair of ICSC. She was only the third woman to hold that position in ICSC’s 50+ year history. Finally, the career path of Sandeep Mathrani has a similar theme. Mathrani, now the President & CEO of GGP, the behemoth shopping center company based in Chicago, was trained as an engineer (he earned his undergraduate degree in engineering and a master’s in management science at Stevens Institute of Technology). His real estate education was personal—as he says, he “flipped a house” as a young professional. With money in his pocket from the transaction, the rest, as they say, was history.
Don’t get me wrong…there are obvious benefits of a real estate degree, from the perspective of students and employers, but that need not be the only path to entering this exciting field. So, again we say welcome to student members of all academic interests. Who knows where this industry may lead you.
See more about the Price Scholars visit in the video clip below.
January 6, 2014
Written by: John Crossman
With “selfie” selected as the word of 2013, it seems a new website has taken the term as a call to action. SeeItFit.com, launched in November 2013, promoting ecommerce by providing a new online shopping experience. By partnering with retailers to create a virtual dressing room, users can upload a personal full-body photo to “try on” selected fashion items and share via their personal social media channels or post to the site’s public gallery.
The site’s focus personalizes ecommerce by helping online shoppers get real time feedback on the proverbial fashion question: “How does it look?” SeeItFit offers customized options for retailer partners, including allowing shoppers to see an item on before making a purchase, and getting size and accessory recommendations. SeeItFit’s founders believe the seeing and sharing aspect of their site and easy integration for retailers are industry game changers. While the site is young, SeeItFit contends it is a solution for retailers to increase conversion rates, decrease returns and capture some of the $18+B left in online shopping carts each year.
SeeItFit offers retailers up-sale opportunities as users add to their virtual closets and get feedback from friends and targeted marketing from retailers. The site is free.
Other sites like Pinterest, Instagram and Snap Chat have succeeded in the free photo sharing model, but we’ve not yet seen this take hold in an online retail “virtual try on” arena. There are many companies forging into online shopping augment reality solutions. SeeItFit does not offer avatars. They encourage users to upload a picture, see items on and share the looks. SeeItFit currently provides a number of retailers, including brands like Zara, Under Armor, Lord & Taylor and Banana Republic. This company is one to watch this year and could be the long-needed solution to online shopping.
December 24, 2013
Jones Lang LaSalle Retail’s CEO, Greg Maloney expects that the retail market will continue to turn around despite store closings and consolidation given strengthening fundamentals.
December 23, 2013
Learn how mall owner, Radiant Partners plans to grow their portfolio in the year ahead and what ICSC Chairman, David LaRue expects for the retail transaction market in 2014.
December 20, 2013
Dec. 11 (Bloomberg) — Daniel Hurwitz, CEO at DDR Corp. and Robert Nardelli, senior advisor at Cerberus Capital Management, discuss the threat to retail posed by Amazon on Bloomberg Television’s “Bloomberg Surveillance.”
December 18, 2013