With consumer confidence low and vacancy rates high, shopping centers across the globe face a challenging economic climate. Yet the current downturn also paves the way for renewals of existing centers. Departed anchors create opportunities for radical interventions. At the same time, municipalities are strongly motivated to provide economic incentives to help turn around declining malls and shape them to be more responsive to their communities. The following ten shopping centers, all completed in the last five years, offer new strategies for bringing cultural uses into shopping centers, examples of contemporary architectural design that responds to the particularities of the local context and population,creative applications of urban design principles, sensitive incorporation of new construction with historic buildings, as well as examples of navigation of the complexities of public/private partnerships to provide benefits neither sector could have supplied on its own.
What will be the changing role of retail in the current economy? Six leaders in the area of U.S. commercial and retail real estate development discuss the retail market in the wake of the current recession— including what kinds of retail are likely to succeed, how cities and suburbs are faring, and how demographic shifts affect retail business— and offer insights into how retailers can adapt in the new economy, especially given the rise of online shopping.
Contributing their expertise are James Bieri, president and CEO of the Bieri Company in Detroit; Anthony Buono, executive managing director of CB Richard Ellis in San Diego; Brad Hutensky, president and principal of the Hutensky Group in Hartford, Connecticut, and past chair of ULI’s Commercial and Retail Development Council (Blue Flight); Carol Schillne, first vice president of CB Richard Ellis in Anaheim, California; Ellen Sinreich, president and CEO of Green Edge LLC in New York City and current chair of the Commercial and Retail Development Council (Gold Flight); and Peter Thomas, founding principal and CFO of Vestar in Phoenix and past chair of the Commercial and Retail Development Council (Green Flight).
Ten renovation and retrofit projects make over structure to meet the needs of the contemporary hospitality industry and tap the place-specific power of older buildings.
Five experts from the fields of real estate development, architecture, and urban planning discuss the role of cities in an urbanizing world and offer insights into how cities are—and should be—shaping future development as the recession ends.
Five real estate experts discuss issues surrounding the office market downturn, including how it differs from previous ones, the prospects for recovery and indicators to be on the watch for, where the office market is expected to recover first, whether the current downturn will change the way tenants lease properties even after the office market recovers, and what office building owners should focus on to make it through the rest of the recession.