Tuesday, April 20th, 2010
Below is an article about our president, Rick Hill, reprinted from the Courier-Journal.
Run or draw.
That was a decision Rick Hill had to make as an undergraduate at the University of Kentucky nearly 40 years ago. A native of Bardstown, he wanted to be an architect but when he signed up for classes and found that mandatory studio times conflicted with running, he picked running.
“I made a career decision right there,” he recalled.
Maybe not so much.
Despite a long career in marketing shopping centers from his base in Charlotte, N.C., and a lifelong interest in running, Hill never lost his urge to design. He just reinvented himself as a real estate strategist and designer.
(more…)
Tags: design, marketplace crafting, Real Estate, Retail Changes, Rick Hill
Posted in Company News, Industry News, Real Estate, Retail, Shopping Centers, Specialty Retail | No Comments »
Monday, December 28th, 2009
In 2008 I made 10 trips to Dubai and worked on two projects. In doing so, I met many wonderful people and saw a good deal of projects that were beyond belief. A good deal of these projects were completed and many more will never be built. In general, I found the Emiratis to be gracious host and the hired help to be less than forth coming. Outlined below are my observations.
(more…)
Tags: development, Dubai, Dubailand, UAE, Wafi
Posted in Culture, Real Estate, Real Estate Development, Retail, Shopping Centers | No Comments »
Wednesday, December 16th, 2009
A few short years ago Women’s Wear Daily listed Bal Harbour Shops as the most productive shopping center in the United States with sales reportedly topping $1400 per square foot. Not far behind was the Forum Shops in Las Vegas with various reports of sales running on average in the $1300 to $1500 range.
Then in 2008, along came Aventura Mall, located a few miles north of Bal Harbour with a report that their sales were exceeding $1100 per square foot and they were closing in on Bal Harbour. But not to be out done, Bal Harbour came back with astounding sales projections that jumped to $2,139 per square foot in 2008. In nearby Orlando, upstart Mall at Millenia reported sales per square foot at a surprising $1000.
(more…)
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Thursday, November 5th, 2009
When I heard that Louis Vuitton was opening a store in Mongolia’s capital, Ulaanbaatar, last month I was completely intrigued by this unexpected announcement. So I decided to research and came across some interesting information that has shed light not only onto Louis Vuitton’s decision but the luxury market as a whole.
(more…)
Tags: Louis Vuitton, luxury, Mongolia, recession, Retail
Posted in Real Estate, Retail, Specialty Retail | No Comments »
Thursday, October 29th, 2009
It seems like everywhere you look, retailers are closing shop and filing bankruptcies, and empty storefronts are lining the streets. Last year we saw the closing of retail giants, Circuit City and Linens N’ Things, and luxury retailers such as Versace also closed stores around the world. So why is it that Legoland Discovery Center, an attraction centered on the LEGO building blocks, is opening stores in Chicago, Dallas and Atlanta?
I believe Legoland sees an opportunity in the recession because consumers are looking for free or affordable cost entertainment in their malls. This trend also corresponds to a consumer who expects their news to be free on the web. Consequently, we see malls across the globe add entertainment and amusement venues to draw consumers who have relegated shopping to obligatory time, which is something close to work. These consumers are bored with the same stores in every mall and with higher gas prices, lost home values and depressed 401K accounts they do not have the funds for a shopping spree.
(more…)
Tags: bahrain, Disney Store, Dubai, entertainment, lego, Legoland, mall of emirates, malls, shopping center, shopping mall, ski dubai, wahoo water park
Posted in Culture, Real Estate, Retail, Shopping Centers | 1 Comment »
Monday, October 26th, 2009
Over the past few decades we have seen the evolution of many trends in the national restaurant scene. In the early to mid 1990s the rage in dining was the themed restaurant led by Hard Rock Café and Planet Hollywood. In these restaurants, the decor primarily consisting of rock & roll and film memorabilia became the attraction and not the food. Soon, it seemed like every celebrity wanted their name associated with the newest “you-name-it-café”. The pinnacle of this culinary bubble was the opening of Planet Hollywood in Downtown Disney where sales quickly realized an annual volume of $50,000,000 to become the highest producing restaurant in the world.
However, in recent years the American culinary marketplace experienced a momentous change in the way people eat, cook and dine. As such, five primary factors have changed food and the way we consume and experience it. (more…)
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Monday, October 26th, 2009
National economists have often stated that expenditures by U.S. consumers make up 70% of the national GDP (Gross Domestic Product). In brief, the GDP is the total market value of domestic goods and services produced and consumed in the U.S. within a 365 day period.
However, a recent headline in USA Today proclaimed that consumer spending had grown to 71% of the GDP in the second quarter of 2009. On the surface this could be viewed as another positive sign of an improving economy, but in reality it is not. The real fact is that consumption as a percentage of the economy typically increases during a recession because output in manufacturing, construction, and business expenditures almost always drop first and at a higher percentage than consumer purchases. The result is a smaller basket of economic variables with the consumer taking a higher percentage of the whole. (more…)
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Wednesday, October 14th, 2009
World Retail
Retailers are flocking to India thanks to an economy that is still growing and a young population increasingly becoming aware of major brands.
Worldwide sales declines among luxury retailers will likely continue through 2010 and into 2011.
JUST THE FACTS
1. The apparel industry is a $191 billion industry.
2. Back to school sales in the U.S. were expected to reach $38.3 billion, up .06% from 2008.
3. A recent study found that in locations with a strong independent retail culture, 45% of every dollar spent at an independent bookstore remained in the local market.
4. In the first half of 2009, the sale of luxury goods dropped 15%-20% over 2009.
5. American families account for 40% of all borrowing in the U.S.
6. Between 2003 and 2004 handbag sales grew by 26%.
7. Handbag sales reached a peak in 2007 of $9 billion, up 100% over 2001. (more…)
Posted in Retail, Specialty Retail | No Comments »