Paster Enterprises rebrands to Paster Properties
St. Paul, Minnesota –Shopping center developer and manager Paster Enterprises has rebranded to Paster Properties, and has debuted a new look and website.
One of Minnesota’s oldest family-run developers of community shopping centers, Paster Properties rebranded to reflect the company’s comprehensive and expanded capabilities, and increased focus on developing mixed-use properties and dynamic urban environments.
“For more than 60 years, Paster has been dedicated to meeting community needs through planning, building, leasing and managing successful grocery-anchored community shopping centers,” said Howard Paster, president. “As residents’ and retailers’ needs have changed over the years, Paster’s ability to serve them has also evolved. Our goal with this rebrand is to ensure our brand and image completely represent who we are.”
The new brand communicates the company’s direction, capabilities and vision with new clarity; visit PasterProp.com for more information.
Real estate report: Luxury retail is a high-growth category
Seattle –Colliers International released the highlights of its latest global retail report – examining 125 retail real estate markets in 50 countries – and found that luxury retail continues to show strong growth in the top global markets and prime cities in Asia.
According to the report, a key factor driving luxury sales includes a rising consumer confidence level due in part to a fading memory of the recent global economic crisis. Another is the sizable gain in income of the highest earners—driving an increased propensity to spend.
“Our analysis of the global retail real estate environment reveals what we have been seeing this year—a retail market that is cautiously optimistic and steadily growing in many sectors despite some hiccups of caution due to threats to global economic growth and the shadow of e-commerce,” said Anjee Solanki, National Director, Retail Services | USA, Colliers International. “Luxury, in particular, serves as a major spark to the expansion we are seeing, and this is even in regions such as Europe and Asia with weak GDP growth and consumer spending.”
Key findings include:
• Luxury retailers are in the sweet spot. Luxury retailers are benefitting from income gains among the top earners and are thriving throughout many of the top global markets, including Paris, London, New York and prime cities in Asia. The growth in this sector is a key factor in driving expansion across the board.
• New supply is robust in developing markets. The global expansion of the workforce and the middle class is spurring a need for new supply, which is concentrated in developing countries in Europe, the Middle East and Asia that have economic growth, political stability, a growing middle class and business-friendly regulatory environments.
• Optimism is tempered by threats to global economic growth and the specter of e-commerce. E-commerce is affecting both traditional and luxury retailers across the globe, exerting pressure on merchants to become more creative with concepts regarding their use of space. One popular strategy is to transform stores into product showrooms in an attempt to entice greater foot traffic and additional online sales.
• There is strong performance of high street markets and growing development in emerging markets. The generally positive outlook is underpinned by the economic recovery in the U.S. and strong job growth in many parts of the globe.
• Among the top 10 global retail rents for the year (per square foot) New York’s Fifth Avenue is the pinnacle, with NYC’s Madison Avenue also on the list, while Hong Kong holds three spots. The list is rounded out by one spot each for (in alphabetical order, not by prominence) London, Milan, Moscow, Paris and Zurich.
For more results from Colliers International’s Global Retail Highlights report, visit colliers.com.
Cabela’s expanding retail footprint with two new stores
SIDNEY, Nebraska — Cabela’s Inc. is expanding into new markets, with plans to open a store in Gainesville, Virginia, and Ottawa, Ontario, Canada.
Cabela’s anticipates a spring 2017 opening for its 79,000-sq.-ft. store in Gainesville, which will be adjacent the Virginia Gateway Center, a 1.3 million-sq.-ft. shopping center. Peterson Companies Inc. is the developer.Gainesville will be Cabela’s third announced location in Virginia, joining the 82,000-sq.-ft. Bristol store scheduled to open in fall 2015, and the 97,500-sq.-ft. Short Pump location expected to open in spring 2016.
The Gainesville store will be built in Cabela’s new-format layout, designed to surround customers in an outdoor-like experience with a large mountain replica, museum-quality wildlife displays and an aquarium. Also, it will include a full-service boat shop and a comprehensive selection of Cabela’s Wildlife and Land Management products, including tractors, attachments and implements. The store’s staff will host educational seminars and demonstrations throughout the year offering tips and insight on outdoor products and activities.
Construction on the Ottawa store is scheduled to begin in 2015, and Cabela’s plans to open the store in the spring of 2016. The 70,000-square-foot store will be located near the intersection of Palladium Drive and Highway 417. It will anchor the newly planned Kanata West Centre, which is being developed by Taggart Realty Management.
The store will be Cabela’s second location in Ontario, joining the 70,000-sq.-ft. Barrie location opened in July. The store will be built in Cabela’s new-format Canadian layout, designed to surround customers in an outdoor-like experience with a large mountain replica and museum-quality wildlife displays. In addition to thousands of quality outdoor products, the store will include an indoor archery range and archery tech room.
Currently, Cabela’s operates 64 stores across North America and has announced plans to open an additional 19 stores over the next two years.