According to the International Council of Shopping Centers, " Retail Property Owners Warned to Innovate."
" We ( Shopping Centers & Mall owners) cannot ( let ourselves) become a General Motors-Chrysler-Ford thing"
The fact is that many major large Shopping Centers and Malls are seeing a drastic decrease in traffic and it's anticipated that additionl major chains will fail in the coming months, creating large vacancies.
This isn't really fresh news as we've seen the demise of some major stores: Linens N'Things, Circuit City. Sharper Image and just today( 11-11-08) Office Depot announced it's shutting 112 under-performing location.
Who will fill these vacant stores in now the major question? The proposed answer: INNOVATE
To me, this should be the motto for the entire Real Estate Profession and Industry.
Many former highly successful theories, systems and practices just don't work in this changing and challenging environment. And we all know it.
No one likes CHANGE but the need for CHANGE is now!
Bill McInerney
No comments:
Post a Comment