Positive & Productive was the theme of last week’s ICSC Deal Making Conference at Chicago’s Navy Pier. While the consensus was that attendance was down, all agreed on one key item – that retailers’ outlooks remain positive. The timing of the San Diego/Chicago/Atlanta/New York conferences is problematic for retailers and they have to choose which events are best for them bringing attendance down at others. Those retailers that did make the commitment were here to talk about real expansion for 2013 and beyond.
We also observed some interesting trends. First, the types of retailers that are doing well cover both ends of the spectrum including value and luxury with mid-range retail starting to open up. We met with retailers that have open-to-buy and are carefully weighing their options. Another interesting and welcome trend is that development is starting to come back to life. There is some new development out there, but most are focused on redevelopment of existing properties to improve their competitive position in their markets and maximize asset value. And third, some clients are pulling properties back off the market due to not getting the prices they want to see but believe this will turn around as the market continues to improve.
Overall, it was a positive conference with the holiday buzz looking positive with expected 3% to 4% sales increases over last year.
We are looking forward to continued growth in the Midwest markets with clients, properties, and colleagues. If you would like to learn more about the dedicated JLL Midwest Market retail team you can read our blogs or check out our podcasts.
Jones Lang LaSalle
Midwest Retail Market Lead
tel +1(312) 228-3488