Read the May 2016 DMM e-News – Issue #85
Hey U.S. Malls: Quit “Draggin” Your Feet So We
Can Be “Dragon” Our Bums Down This!
Have you ever felt like it just took way too long to get from the top floors of a mall to the bottom. Several escalator rides or one long elevator with an inordinate number of stops… they just don’t offer the thrills your humble newsletter editor is looking for. Maybe there’s an enterprising company here in the States that’s willing to try what they’ve done over in Shanghai. ABC7.com has the video of the Printemps shopping mall’s 66-foot stainless steel slide shaped like a dragon. In the amount of time it took you to read this story, you probably could have gone down the slide twice. According to the UK’s the Mirror, as of now the ride is for VIPs only, but soon it’ll be free and open to a very eager public.
Bucking the Trends to Make Big Bucks
Just because everyone is building those open-air, walk-able multi-use town centers doesn’t mean everyone actually has to do that, right? Well, in Norwalk, Connecticut, they seem to be going against the grain a little bit with a few projects that might more closely resemble the good ol’ days of enclosed shopping malls. According to the Connecticut Post, the Westfield Trumbull mall recently finished a $35 million renovation project, while over in Norwalk, a brand-new 700,000-plus-square-foot enclosed shopping center is on the horizon. The SoNo Collection, being built by General Growth Properties is slated to open in the fall of 2018. “The SoNo Collection will be more than a mall; it will be a collection of unique and memorable experiences that will keep shoppers coming back frequently.”
Simon and Invesco become Latest Vegas High Rollers
Simon Property Group Inc. and Invesco Real Estate of Invesco Ltd. have partnered in a $1.1 billion deal to take over The Shops at Crystals from CityCenter Holdings, LLC, a joint venture between MGM Resorts International and Infinity World Development Corp. Simon will lease and manage the property going forward and analysts seem to be bullish on the move. According to Zacks Investment Research, “the Las Vegas market itself is expected to experience a favorable environment. This is because it is not only a preferred destination for domestic visitors but also for international guests.” In a statement, Bill Grounds, President and COO of Infinity World Development Corp., said he wished Invesco Real Estate and Simon Property Group much success with the project and looked “forward to their presence as a first-class luxury retail asset owner on the Las Vegas Strip.” For more information about Las Vegas, check out the white paper we did with Pitney Bowes.
VISIT DMM AT ICSC’S RECON 2016
DMM will be at RECon 2016, the ICSC’s convention that brings together retail real estate professionals from around the world. The show gets underway May 23rd and runs through the 25th at the Las Vegas Convention Center. Come visit us at our booth (#N1329) and learn more about our Retail Boundaries products. Come get a personal demonstration, find out what’s in store for ShoppingCenters.com down the line, or just come by and say hi.