The Future Ain't What It Used To Be
||International Council of Shopping Centers
||Apr 1, 2008
Presentation to the International Council of Shopping Centers (ICSC) in Alberta, Canada.
Charles Darwin once said: “It is not the strongest species that survive, not the most intelligent but the ones most responsive to change.” The call to change is getting stronger amidst all the evidence that the economy is getting tougher and retail is getting more and more competitive. The numbers for shopping centers are not too bad. Over 40% of total retail sales are still made at shopping centers even though the value of retail sales as a share of total retail sales have declined slightly. 80% of apparel specialty stores (with 5 or more locations) are located in some type of mall setting.
However, retailers such as J.C. Penney plan to expand their store base over the next several years by opening off-mall formats.
In the end, the combination of quality-priced goods and convenient locations are factors that specialty retailers continue to use to differentiate themselves from their competitors.
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