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.

Recent examples of his mind behind proposed and completed design work in Louisville include the highly touted revitalization by Underhill Associates of Westport Village that h as been called an “against all odds” success. The former grim and decaying Camelot Shopping Center at Westport Rd. and Lyndon Lane won a recent landmark award from the Louisville Historical League. “The main thing was to remove the strip mall look, which was done with creating new traffic patterns and creating a visual axis for the place. It works with small business rather than large ones and it thrives with inexpensive cafés,” Hill said.

Another is an ambitious nearly block-sized make-over for antiques dealer and property owner Joe Ley on East Market St. that could be a major piece of the evolving area. East Market with help from Ley’s anchoring business and a slew of grass roots art galleries, bistros and shops is headed into a new gear with other private owner plans to turn the former campus of Wayside Christian Mission into a downtown farmers’ market and community space.

“What I like about it is that is there’s so much there,” said Hill. “My plan (for Joe Ley properties) is to meet with what is already there and to add to it. This is what I call an in-between area. It needs to be redeveloped from inside out, creating cut-throughs for entire blocks and a sense of meeting places inside the block – a hand-made, home-made locality with all the things that can only be in Louisville, Ky.”

A third project has been the renovation and restoration of Hill’s own new headquarters in the lofty rooms of the former laundry house for the Presbyterian children’s home, Bellwood, in Anchorage.

“A real love is to take an old building and restore it back to its original state,” he said. “I made the commitment to stay true (at Bellwood).” That included copper guttering, a slate roof, new hardwood floors, cleaning the brick. “It was fairly non-economic,” Hill noted.

He is creating his own village, a series of three buildings, including one new one with a quadrangle for public gardens. The group will eventually house his company and other companies. He plans to open a small office in Shanghai and expand staff from three with contract work hired out to a full office with “land planners, an architect with illustration skills, qualified writers, economists and market researchers. “

“I want them to free me up from some of the tedium. . . I want to operate more on the creative side.”

Hill said in his life time he has created plans for 117 real estate developments, created the vision for dozens of projects and directed leasing for more than 10 million square feet.

He helped bring the first IKEA store to the United States in 1985; did the first redevelopment of a regional mall into an off-price center; and created retail planning for Sears Tower in Chicago, so that visitors did more than go up to top and back. The study he produced on how to increase revenue from visitors produced a $2 million stream of income.

He created the sponsor villages, now a park in Atlanta, for the 1996 Olympic Games and led redevelopment planning for the recent redevelopment of Gulfstream Park in Miami from racetrack to up-scale shopping area.

It started with his first “real” job out of college. Hill graduated from UK in 1974 with a degree in general studies, having selected studio art, art history and marketing as his foci.

“The Mall St. Matthews was looking for a marketing advertising specialist. I got the job,” he said. After two years, The Rouse Company that owned The Mall and many other shopping malls, sent him to Tampa, then Philadelphia, then Charlotte, N. C. The Wall Street Journal picked up on his redevelopment of a mall into an off-price center and predicted it was the future. “My phone started ringing off the hook,” Hill recalled. “That was the timing at (age) 29 for me to leave. . . I was young and dumb at that time.”

“I had no money. I began to look for foreclosed shopping centers and would offer to help fix their problems.” In 1990, he took a three week executive program at Stanford University. “I wrote down on a ledger pad all the interesting things I wanted to do. . . I wanted to work in national parks. . . I wanted to work in Africa. . . I wanted to work with the Olympic Games. . . I decided I didn’t want to spend my life taking care of shopping centers and their problems.”

He did strategic planning for national parks, he worked with the Atlanta Olympics, he reclaimed his running and helped start the Nike cross country running series and he made five trips to Ethiopia to work with homeless children and children with AIDS.

“I wanted to change the course of what I was doing,” Hill recalled. “I sold my company headquarters (Hill Partners) in Charlotte, N. C. in early 2001 and had a plan. I was going to semi-retire, spend more time in East Africa and work on this event I had created for Nike. This was to be the rest of my life. Then 9/11 took a lot out of me.”

He got to reading “The City of Collective Memory: Its Historical Imagery and Architectural Entertainments” by urban historian M. Christine Boyer, whose mantra is that the past is prey to invention.

“It’s my Bible” said Hill. “I have to read it a sentence at a time.” But he gets it, said Hill. If the new looks old, it creates a crisis of identity. That is why, he said, “I’m not into new urbanism. I’m into urbanism.”

“I have a love hate relationship with architects. . . I’m anti-city government” in terms of development,” Hill said. He thinks the marketplace is what determines success. As for the proposed controversial sweetheart deal with Cordish Companies for a City Center, he said, “I think it the wrong project in the wrong location at the wrong time. In 10 years, it won’t happen.”

Further, he volunteered, the amount of money being spent on the sports arena at the river front would better be spent $1million at a time in neighborhoods for community design and strategic thinking. “What if you spent $1 million on 30 blocks, or street corners?”

“What makes thing fly,” Hill said, “is when you have a diversity of places and a diversity of people, (when) it’s a 24 hours a day seven days a week action. It’s a living, breathing village. People know each other.”

And that is why his new company formed in 2001 is called Village Solutions.

Today, his projects include creative planning for three projects in India, including a tiger habitat and eco tourism center; a 3,000 acre agriculture village with a hospitality center and a hotel; and a “Bollywood,” a three to four screen cinema complex in Bombay. He is a consultant for the tourist destination of Halong Bay in Vietnam; for an Indo-China gateway to the Himalayas and Tibet for hikers; and the possible development of waterfront sand flats in Redwood Cal.

“I’ve spent a lot of time figuring out where the money is on this globe,” said Hill. “My business is morphing more into what I call marketplace-crafting.” It engages the skills of creative planning and design that drew him to architecture in the first place.

“I try to take projects that stretch me, that teach me, that are fun,” said Hill, “I try to get out those that are not or, not get into them in the first place.”

10 Problems with Dubai

1. Birds of a Feather. Many of the development companies in Dubai were managed by self-serving groups who were good at covering everyone’s back. As an example, some firms consisted primarily of Australians, and another all British. Their reaction to outside of the family managers was “it’s our tea party and you are not going to crash it.” In this regard, one would get a sense that the players knew they were building a house of cards and wanted to get as much as they could until the party was over.

2. How many times could you slice the same pie? Too many related development companies chased the same market with the same product.

3. Lack of Experience. There were not enough managers on the ground that had significant experience with multi-tenant retail development and even fewer with mixed-use property management experience. In their place were former academics, PHDs, engineers, graduates of the London School of Economics and more. But what was missing was conviction in knowing how to get things done.

4. Flawed Research. Market research was viewed as icing on the cake and not a reality check. People who did the research were well educated but had spent little time in doing real research on the performance of actual operating properties.

5. Wrong starting point. Market researchers bought the notion of 35,000,000 annual visitors to Dubai by 2012 and most projections flowed from that initial flawed estimation.

6. Lack of real people. Many new developments failed because the required density of buyers, tenants, shoppers and guest could not be generated fast enough to support the enormous infrastructure costs of highways, bridges, monorail system, airports, water and sewer and more.

7. Alice sighed wearily. `I think you might do something better with the time,’ she said, `than waste it in asking riddles that have no answers.’ Timetables for new developments and justification for projects were unrealistic and when questioned about the underlying reasoning I would often be told, “Everything is possible in Dubai”.

8. Lack of Transparency. Information and communication regarding all aspects of a project were often hidden within their own development teams. There was little transparency in top to bottom directives. In brief, there were too many levels of management and when asked the hard questions one would often be told a lie and the other would swear to it. In this example, almost every project in Dubai was going to be bigger, grander, and more creative than the next. A decision maker would communicate a vision of the world’s tallest building, the world’s largest mall, and so on. An architect would then translate the vision into wonderful computer generated images of the vision which would become the plan. Yet, there was limited central planning that was charged to connect all of the individual projects. As a result simple issues of capacity, parking, sidewalks, crosswalks, and more were thrown to the side.

9. Multi-brand tenants. Through licensing agreements, joint ventures, partnerships and franchises, single entities operated numerous storefronts with different brands. In some cases the full product line and the brand experience was appropriately transferred to a Dubai mall, but more often than not, one could see significant differences between company owned and operated shops as opposed to the Dubai presentations. As an example, Kitson in Wafi Mall just does not compare to the full experience on Robertson Street in LA.

10. Master Plans. Most projects in Dubai were driven with a vision communicated by excellent illustrations, models, and elaborate brochures but there was limited master planning of the entire city/state. As a result, the edges of projects, the zones between projects, and connection with adjacent properties were just short of horrible.

Now that I have vented, there is a lot of hope for Dubai. Hope that the vision is filtered and modified to allow it to grow at a sustainable rate. There is a hope that thecity/state regains its momentum and that new leadership finds its way to the top of the best development firms.

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.

Yet, Legoland charges on with a strategy to open in Grapevine Mills mall in Dallas, TX and are they are looking for a location near the Georgia Aquarium in Atlanta. Additionally, the city of Dallas will give Merlin Entertainment, the operator of Legoland, a $1 million TIF (Tax Incremental Financing) incentive package to open in the mall. The facility is projected to open in March 2011 in 40,000 square feet.

Glenn Earlam, a managing director with Merlin, said in a statement that “the inclusion of a quality leisure attraction like the Legoland Discovery Centre will . . . deliver significant incremental business to both the mall, to the Dallas-Fort Worth Metroplex and the greater region as a whole.”

Likewise, Disney earlier this month announced that they are turning 340 of their Disney Stores into “entertainment hubs” and renaming them Imagination Park with the help of Apple’s Steve Jobs. The goal is to make children clamor to visit the stores and stay longer, perhaps bolstering sales as a result. Over the next five years, analysts estimate that Disney will spend about $1 million a store to redecorate, reorganize and install interactive technology. Some Disney board members fretted though that the concept was so lavish that parents would try to use the stores as day care centers. Others worried that people would come for the entertainment but not buy anything. Disney is pitting landlords against each other to try and get the best deals in top-tier locations.

The Middle East seems to be leading the trend with the biggest entertainment venues as attractions in malls. Examples include the 15,000 square foot Wahooo! Waterpark which just opened in Bahrain City Centre mall, and the now infamous Ski Dubai at the Mall of Emirates.

Ski Dubai located in Mall of EmiratesBut will these large financial investments hold up in the long-run? Or are they a 21st Century repeat of the previously failed versions of entertainment in malls, such as Warner Brothers, Gameworks, FAO Schwarz and Niketown? The 1990s saw the end of roller rinks in malls and affordable home video game systems killed the mall arcade.

With all the focus on entertainment will the new shops fail like many others in the past, especially when Target and Wal-Mart offer the lowest priced toys in a warehouse envirnoment?

Disney claims sales at its original stores, which opened in 1987 and sold to Children’s Place in 2004, plummeted because they oversaturated the market. However, many analysts believe that the stores’ visitation was high due to the entertainment but not enough people bought to sustain the rents and overhead.

I remember stopping in The Disney Store on every mall visit but only purchasing merchandise a handful of times. Is my experience the norm or a rarity?

Additionally, FAO Schwartz which was a New York destination failed when it tried to bring their concept to malls proving that high entertainment value does not always translate into high sales figures. So I ask the question, are these high investment entertainment venues going to last or are they a trend that will be a lecture in business school ten years from now?

Versace
Recently announced it was closing all thirty (30) of its stores in Japan.

New World
A new world is likely to emerge in which designers rebel against long lead times and where they take their collections directly to the consumer through their own boutiques, trunk shows, and over the web.

Web Sales
Web sales are projected to reach $156 billion in 2009, representing 6% of the total U.S. retail pie

The Web Fashion Consumer
Consumers have come to expect new merchandise more frequently, thanks to the web and fast fashion retailers such as H & M. Many cannot understand why they have to wait 6 months to see the fashions seen on the runways. Buyers at department stores generally base their orders on the past, while fashion editors gravitate to the most photogenic and future looking styles, leaving the consumer stuck in the middle. This results in one facet of the fashion industry looking forward and the other looking backwards. The consequence: a consumer on one hand is told what to buy but on the other, not where to buy it.

In response, a new generation of fashion retailers is emerging on the web where news is freely given and fashion is sold. Net-a-porter with average sales of $820.00 per transaction and customers from 170 countries is one example of this new generation of merchants. The company has successfully merged its web retail site with a fashion news site catering to a new consumer who wants credible news over magazine advertisements and the most up to date fashion now.

Entertainment
Families spent 5.1% more on entertainment in 2008 than in 2009, something that has surprised many economists. As consumers tightened their pocket books and wallets one would expect entertainment to be one of the first categories to see significant decreases. But the 5.1% increase in spending equated to 16.5 billion more dollars spent in the category over 2007.

Household debt
The American family is trying to put money into savings and reduce their overall debt, but they are clearly not faring as well as one might expect in this recession. Household debt now amounts to about 125% of after tax income.

High Net Worth Individuals
Luxury retailers are faced with a significant decline in Americans with a high net worth defined as having $1,000,000 of assets available for investment. In 2008 the assets of these individuals dropped by as much as 22%. The result is a major decrease in sales at retailers such as Neiman Marcus where sales have decreased by over 20% in 2009 over 2008.

And it certainly is not looking to get better for some time. As vacancies increased, average rents declined to $16.89 per square foot for non-enclosed centers and down to $39.18 for enclosed malls. Likewise, the Federal Reserve has reported 8,300 store closings including 1,500 large anchor stores in 2009 alone.

Nationwide, office vacancies and rents are faring worse. The vacancy rate, in office properties hit a five-year high at 16.5% in the third quarter of this year. The decline in occupancy came as 19.6 million square feet of office space was returned to landlords in the third quarter and 64.2 million for the year.

As bad as the current environment is for landlords, things will become bleaker as unemployment rises because office occupancy tends to trail employment by 18 to 24 months.

Share and Enjoy:

]]> http://villagesolutionscompany.com/blog/commercial-real-estate-vacancies/feed/ 0 http://villagesolutionscompany.com/blog/what-is-village-solutions-company/ http://villagesolutionscompany.com/blog/what-is-village-solutions-company/#comments Wed, 30 Sep 2009 14:44:07 +0000 Rick Hill http://villagesolutionscompany.com/blog/?p=157 Over the past 6 weeks we have seen our daily readership of our blogs and traffic to our web site almost double. Visitors vary widely and range from Brazil to Southeast Asia and from the Middle East and India to Europe and North America. As our readership continues to grow we will add many new points of view and share more insights derived from our projects and clients located around the world. As we grow, we want you to feel at home in our next generation of community building with the introduction of MyVillageSolution.com early next year. You can help us grow by adding your own points of view to our blogs and sending your friends links to our site.

Occasionally, one of our readers will ask us questions concerning the services we provide. In brief, we are marketplace crafters in the sense that we define a market opportunity and then craft a built environment to answer the needs of merchants, restaurants, entertainment venues and most importantly the consumer. On the surface, it may appear to the more casual reader that we are something between architects and real estate developers. While we posses many of the same skills, our core competency is our ability to interpret trends both current and future in contemporary culture and translate those into the marketplace. As such, we do extensive market research, create multi retail marketplace concepts, direct the design execution and recruit merchants.


In the next several months, we will begin to share more of the innovations we are bringing to the marketplace. As such, our primary clients obviously include shopping center and mall owners but the depth of our knowledge really comes from pioneering work in resort hotels, urban districts, national parks, tourist destinations and mixed-use developments. We are excited about these diverse laboratories and will share with our community the grass roots trends we see developing around the world.
We are currently working on a project in Seoul Korea, another in Hanoi Vietnam, two projects in southern India, a 5,000 acre new town on the US Atlantic Coast, redevelopment of Atlanta’s Peachtree Center, and the revitalization of Louisville’s East Market district. From this base we are researching and exploring the introduction of dynamic new markets for the 21st century. Examples include a movable marketplace that travels from city to city and a dynamic new direct to the consumer fashion initiative. Certain aspects of these new efforts will be tested and explored in expanded versions of MyVillageSolution.com next spring. Ideally, the real genesis of these new marketplaces will come from an international community of visitors to our site who freely share ideas for the creation of the next marketplace, which may just as easily show up in Hyderabad or Tianjin as in Miami or Los Angeles.

Share and Enjoy:

]]> http://villagesolutionscompany.com/blog/what-is-village-solutions-company/feed/ 0 http://villagesolutionscompany.com/blog/creation-gardens-plans-major-new-project/ http://villagesolutionscompany.com/blog/creation-gardens-plans-major-new-project/#comments Fri, 25 Sep 2009 12:00:23 +0000 Devon Hill http://villagesolutionscompany.com/blog/?p=141 Below is a reprint of the Courier Journal article on Creation Gardens.

The owners of Creation Gardens, a distributor of produce to restaurants and the food-service industry, plans to move to a new site and expand their business.

Ron and Mollie Turnier have signed contracts to purchase about two acres of property on the northwest corner of Market and Shelby streets, including the Neurath & Underwood Funeral Home.

They plan to build a retail and commercial distribution center, featuring a 27,000 square foot building. It would include a 17,000-square-foot, regional fresh-food and produce distribution center primarily for commercial customers and a 10,000-square-foot market open to the public.

In an interview, Ron Turnier said that he hopes to have the new Creation Gardens open in about a year. He declined to say how much he expects to spend to acquire the land, or to invest in the development. He said that the design of the project is not final.

Turnier, who is president of Creation Gardens, projected that the facility will attract over 200 chefs a week, many of whom regularly shop at his current location at 609 E. Main. The new location will include a lounge for member chefs and a resource library.

The land that the Turniers have under contract includes a large vacant lot fronting on Market owned by Service Welding & Machine Co., which will continue to operate its present site on East Main.

Rick Hill, who heads Village Solutions Co., a real-estate strategies and consulting firm working with the Turniers, said the Neurath & Underwood Funeral Home and its carriage house will be renovated and redeveloped with new uses, perhaps as one or more restaurants or other food-related businesses.

The staff of the funeral home referred questions to owner John Bruington. He said in a phone interview that he isn’t sure whether the funeral home will close, or relocate. He said it opened in 1904; he bought it in 2001.

The Turniers, who bought Creation Gardens in 1997, said the Main Street property is targeted for acquisition by the state in connection with the Ohio River Bridges Project and the planned reconstruction of Spaghetti Junction.

The Creation Gardens plans are being unveiled in conjunction with the NuLu Festival this weekend, which uses a new name being promoted by some developers for the area generally bounded by Jefferson, Washington and Campbell streets and I-65.

Share and Enjoy:

]]> http://villagesolutionscompany.com/blog/creation-gardens-plans-major-new-project/feed/ 0 http://villagesolutionscompany.com/blog/retail-density-apples-to-oranges/ http://villagesolutionscompany.com/blog/retail-density-apples-to-oranges/#comments Mon, 27 Jul 2009 14:47:35 +0000 Rick Hill http://villagesolutionscompany.com/blog/?p=106 Over the past decades I have worked in almost every major metropolitan area in the United States.  In this capacity I often encounter reports that the subject market is significantly under stored.  While doing my market research I am always amazed to find newspaper articles reporting that a market has significantly less retail space than the national average which always turns out to be wrong.   So, I will share some insights into one of the biggest myths in the retail real estate industry – “my market has significantly less retail space than the national average”.

The proliferation of this myth falls right into the lap of an uninformed media which appears to want to take a position of supporting growth or showing that an area is over stored with retail space.  This is because of the rapid expansion of power centers in the 1990s; lifestyle centers after 2000; and free standing mega stores in recent years have all contributed to a crowded retail landscape.  Therefore, in an attempt by the media to quantify the amount of retail space and to compare the density of retail in one market to another, retail space per capita has been used as a common indicator.  However, our analysis concludes that these types of numbers are among the most misquoted and misunderstood data points in the analysis of retail real estate.  The problem is like the old joke – “one lies and the other swears to it”.  In this case, retail space per capita is the number that is often, if not almost always, reported inaccurately and then the next article repeats it all over again and before you know it, you have a fact that everyone relies on.  But, when comparing vastly different markets and using so called national averages one may end up with nothing more than a comparison of apples to oranges.

The most commonly used database on retail space comes from The National Research Bureau (NRB); however, they only include shopping centers and not the total of all retail space. Consequently, shopping center data has often been incorrectly used as a total for all retail space and then compared to the local population to generate a per capita number.  In brief, the retail space per capita that is often quoted is actually shopping center space and not retail space.

This type of comparison works well as a barometer across the United States, but it is highly inconsistent when using it as a source of retail density in major urban areas that have a large amount of retail not located in shopping centers.

According to many, NRB[1] is the premier provider of retail real estate information in the U.S.  Its database of information contains information on over 40,500 shopping centers which is the most comprehensive and detailed information source on U.S. retail properties available. Likewise, NRB has prepared the Shopping Center Census for the past 20 years, which is published by the International Council of Shopping Centers (ICSC) and by the U.S. Department of Commerce / U.S. Census Bureau in Statistical Abstracts of the United States.  The NRB census is widely considered the authoritative source to calculate the retail area per capita.  While the NRB is an excellent source for shopping center gross leasable areas (GLA), it is insufficient when analyzing per capita GLA for urban areas for a number of reasons.

The retail GLA per capita of the United States is estimated to be in the 22 to 25 square feet of retail space for every man, woman and child. However as mentioned previously, the data only includes shopping centers above a minimum threshold.  In this context a shopping center is defined as single develop which has been planned and built as a dedicated unit with its own parking.  Conversely, the all free standing stores, small shopping centers and urban sidewalk facing retail is generally excluded in the NRB statistics.  Therefore, in highly concentrated urban areas where a large portion of the retail is free standing, the GLA per capita is significantly understated. For example, New York City has one of the lowest GLA per capita rates in the nation at approximately 8.

Another source used to cite total GLA is the Retail Tenant Directory.  Although this includes free standing retail, it only considers the 5,400 largest chains[2].  Therefore, it also leaves out a large amount of retail which skews the GLA per capita.  Therefore, when total “Retail Space” is calculated the numbers jump dramatically.  As an example the total US Retail Space per capita in 2008 was 41.5.  Similarly, when you consider the total retail space in major metro areas (shopping centers and free standing stores) the real per capita calculations for retail space is much more consistent with the national average.

For example, as of 2003, the Miami-Fort Lauderdale-Miami Beach region had 42.9 sq ft per capital of total retail vs. a national average 39.8[3].  Based on this information, Miami’s Retail Space exceeds that of the national average.  Therefore, retail GLA per capita grossly misrepresents the market since most reports cite the NRB as their source which only includes shopping center retail.

It should be noted that Florida is widely considered to have one of the highest GLAs per capita in the nation with Fort Meyers, Fort Walton Beach, Fort Lauderdale, West Palm, Orlando and Melbourne all  being ranked in the top 25 and having a GLA per capita in excess of 25.  But again you cannot take these numbers at face value.  As we all know Florida is one of the fastest growing states in the US.  Outside of Miami, the largest percentage of retail in the state is located in strip centers built over the last 35 years and not in downtown’s.

To get a better handle on the subject, we spoke with ICSC who confirmed that the retail GLA per capita for the U.S. is 20, but it only takes into account shopping centers. As stated early this massively understates the retail GLA per capita of urban areas where the majority of retail is NOT in shopping centers. For instance, as outlined above New York City’s reported GLA of 8 per capital, implies that it is one of the most underdeveloped markets for retail in the U.S. The researcher at the ICSC also confirmed that Miami doesn’t pick up the majority of their retail for the same reason. The point is that while retail GLA is a good starting point for most markets in the U.S., it is NOT reliable for the major urban markets.

To prove the above points, let’s look at two recent studies in recent years.  In 2003 CoStar calculated the total retail space per capita (shopping centers and everything else) for the top 50 U.S. markets. Those 50 markets had an estimated average of 43.71 square feet of retail space. Portland had the third lowest retail space per capita at 27.95 square feet, trailing Long Island and Charlotte. The market with the most retail space per capita was Southwest Florida at 74 square feet, followed by Richmond, Winston-Salem, Greenville, Tulsa, Oklahoma City, Toledo, San Antonio, Jacksonville, and Birmingham.

---

[1] National Research Bureau   http://www.costar.com/

[2] “The Retail Tenant Directory is a publication containing in-depth profiles of over 5,400 retail chains across the U.S. and Canada.”    http://www.retailtenants.com/faq.shtml

[3] Information provided by ICSC Research Department based upon our request.  They complete national research about every year, but only research major metro areas every several years.

Share and Enjoy:

]]> http://villagesolutionscompany.com/blog/retail-density-apples-to-oranges/feed/ 1