Report: U.S. retail availability expected to decline in 2012
Boston — A report released Monday by CBRE Econometric Advisors, a division of Los Angeles-based CBRE Group, said that the U.S. retail real estate sector’s availability rate is expected to decline to 12.4% by the end of 2012.
In 2013, the national retail availability rate, including neighborhood and community centers, will drop further, reaching 11.7%.
In third quarter 2011 the retail availability rate was 13.2%. This rate remains well above the previous availability peak of 11.3% set in second quarter 1992.
“Net absorption is finally in positive territory after spending the first half of 2011 in the red,” said Abigail Rosenbaum, economist, CBRE-EA. “Absorption will remain positive over the next few years but will remain close to, or below, the historical average.”
CBRE-EA said it projects new construction will remain historically low during the next year. However, rents will decline slightly by 0.7% in 2012. A modest increase in rents of 1.8% is projected for 2013.
“We do not expect rents to get back to their 2008 levels until early 2017,” added Rosenbaum. CBRE-EA does project positive retail rent growth during the next two years in Denver, Austin, Nashville, Tenn., New York and Columbus, Ohio.
Jimmy John’s to open at Kemp Crossing
Wichita Falls, Texas — Dallas-based Cypress Equities said Monday that Jimmy John’s Gourmet Sandwiches has signed a lease to occupy 1,710 sq. ft. at Kemp Crossing, located in Wichita Falls, Texas.
The new Jimmy John’s location will be operated by franchisee Balwanti Indra Dayaram.
Kemp Crossing is a 13,000-sq.-ft. neighborhood shopping center developed and managed by a Cypress Equities company and also features Genghis Grill, Edward Jones, EZ Money and Verizon Wireless. With the addition of Jimmy John’s Gourmet Sandwiches, Kemp Crossing is 100% leased.
JLL ‘Spreads the Cheer’ across managed mall portfolio
Jones Lang LaSalle, Atlanta, has launched its annual “Spread the Cheer” holiday campaign — featuring digital media innovations — across its portfolio of managed shopping centers.
To engage shoppers and drive sales and traffic during the most important retail season of the year, the firm will share insider intelligence on the best products and offers at its shopping centers through e-blasts, social media and text messages while also engaging them with events, giveaways and random acts of kindness across its 98 million-sq.-ft. nationwide retail portfolio.
“With all signs pointing to 2011 holiday season being a make or break time for many retailers, we’re pulling out all the stops to engage customers and get them excited about all the great deals and unique gifts at their favorite retailers,” said Greg Maloney, CEO and president, Jones Lang LaSalle Retail. “Starting with an early-morning wake-up text on Black Friday, shoppers around the nation will have access to special deals, events and perks at their local shopping center to help them get their shopping done, and more importantly, enjoy the holiday season and its traditions.”
Campaign highlights include the aforementioned wake-up text on Black Friday, which will broadcast information about the day’s activities and special promotions at local Jones Lang LaSalle-managed shopping center. Participating malls and shopping centers will also use social media and text messaging to host Black Friday contests for perks such as complimentary gift wrapping, VIP parking and other center-specific giveaways such as Amazon Kindle e-readers and shopping sprees.
On the more traditional marketing front, select Jones Lang LaSalle centers will hand out goodie bags with retailer coupons, free gift cards and other prizes, offer early-bird door-buster specials and host special holiday events. For example, Yorktown Center in Lombard, Ill. will hold its annual “Festive Sweater Friday” event. Shoppers who wear a festive sweater can win a gift card valued between $10 and $100.
Among the new holiday programs in 2011, participating Jones Lang LaSalle centers will engage shoppers with a Holiday Countdown Calendar. From December 1 through 24, shoppers can check out the Countdown Calendar at their local shopping center or on Facebook. Each day a new text code will be revealed that shoppers can use to get the offer of the day from select retailers.
“The Holiday Countdown Calendar is our signature integrated program this year and it’s a great example of how a time-honored tradition can be leveraged through digital marketing,” said Julie Rickey, senior VP and director of consumer marketing, Jones Lang LaSalle Retail. “The Countdown Calendar helps shoppers celebrate the anticipation of the holidays and get great deals while driving traffic and sales to our retailers.”
Jones Lang LaSalle-managed shopping centers are integrating social and mobile marketing into their traditional holiday programs to create simple but meaningful ways to celebrate the season. For example, shoppers can opt-in to receive a message from Santa that may include an offer for a giveaway, goodie bag featuring retailer coupons, a discount on a photo with Santa and details about Pet Nights with Santa.
The firm will also leverage the recent roll out of its digital media programs including The Scoop customer loyalty program, the My Style social media program and center-specific mobile apps to deliver up-to-the-minute information on fashion trends, retailer promotions and events for the holidays.
In addition to marketing initiatives, shopping center staff will implement hundreds of ways to Spread the Cheer this holiday season including festive events, random acts of kindness like handing out free bottled water, scraping snow off windshields, helping carry packages to customers’ cars or distributing complimentary gift cards to shoppers.
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