It’s been a busy but fun week here at Hartman Simons. Many of our attorneys attended the International Council of Shopping Centers’ (ICSC) RECon 2013 convention this week in Vegas, and we’re happy to report that attendance and enthusiasm at the show were high. Our annual party at the House of Blues was once again a rousing success, and we look forward to posting pictures from the party soon.
In the meantime, for this week’s Four on Friday, we provide links to and passages from four stories filed from the show.• “Dealmakers Leave RECon 2013 Satisfied” – By David Bodamer and Elaine Misonzhnik of National Real Estate Investor.
“The frenzy of meetings and cocktail parties is over. And most of the 33,000-plus attendees of ICSC’s RECon 2013 have gone home tired, but satisfied. Conditions for the retail real estate have settled into a groove. Fundamentals have ticked up. Capital markets continue to loosen. Retailers on the mend and new concepts are out looking for space. That created the perfect conditions for investors, retailers and brokers to get together and talk brass tacks at the Las Vegas Convention Center this week.”
• “Food for Thought: Factors Behind a Shifting Grocery Landscape” – By Matt Valley of REBusinessOnline.com.
“Ten years ago, consumers generally would select one grocery store as their primary place to shop and identify a second store to pick up a few other items. ‘Today people are shopping in three or four different stores because they are watching cooking shows on the Food Network, or they come from a different ethnic background. So, it’s become a very fragmented market in that regard,’ explained [Joseph] McKeska, [senior vice president of real estate for Bi-Lo Winn-Dixie].”
• “Retailers Adapt, Capture Market Share” – By Natalie Dolce of GlobeSt.com.
• “Investment Capital Remains Plentiful, Core Assets Still Hard to Find” – By Elaine Misonzhnik of National Real Estate Investor.
“The retail market is continuing to evolve as consumers shift the way they buy and retailers adapt to capturing market share. Retailers are embracing technology to attract customers and improve operational efficiency and gross margin.”
“The investment sales market for retail properties appears to be in roughly the same place as it was a year ago—with eager investors hoping to buy core assets, but settling for secondary markets and value-add opportunities. There is no question that both private and institutional investors want to buy real estate today, according to RECon 2013 attendees. The combination of low interest rates, limited new supply of new product and improving sales comps make stabilized retail assets a fool-proof play. But asset availability is limited and competition is fierce.”
Have a safe and happy Memorial Day weekend, everyone!