Retail Details: Delving Into Cash, Tenant Improvements and Juicy Enticements at ICSC
At International Council of Shopping Centers’ RECon in Las Vegas this year, Commercial Observer talked to retail pros about how they’re navigating the challenging market.
Of course, on many attendees’ minds was the classic debate of brick-and-mortar versus the internet.
“Just like life, there should be a balance,” said Laura Pomerantz, the vice chairman at Cushman & Wakefield (CWK). “What I have found with my clients is that the internet is leading them to bricks-and-mortar, and bricks-and-mortar leads them to internet.”
Others, really pinpointed where retail is headed—and where it needs to go.
“We’re obviously in a cycle…in terms of a high-rent scenario,” said Richard Hodos, the vice chairman of CBRE (CBRE) Retail Group. “Rents are starting to come down…[but] there are still circumstances where rents need to come down as much as 30, 50, some cases maybe 70 percent in order for velocity to pick up in New York City.”
And there was plenty of praise for brand doing well.
“Gucci brand is on fire,” said Ariel Schuster, the vice chairman at RKF. “That store is mobbed.”
Watch the video for plenty more retail insight!
For L.A. retail insight, CO also talked with Kennedy Wilson’s Lee Shapiro at ICSC. Watch that video here.