DO
WANT TO KNOW THE BUZZ FROM THE RECENT INTERNATIONAL
COUNCIL OF SHOPPING CENTERS SPRING CONFERENCE
IN LAS VEGAS?
Over 44,000 people attended this year's International
Council of Shopping Centers spring conference
and there were plenty of deals in the works. The
highlights:
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Vornado is believed to have made a bid
on Lord & Taylor, but "all of these
big developers are bidding on that portfolio,"
said an investment banker. As reported, Lord
& Taylor sent out 40 memorandums, or fact
sheets, detailing the operation to prospective
bidders. |
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Opinions on Lord & Taylor's future
vary. John Bucksbaum, chief executive officer
of General Growth Properties Inc., warned
that what happens with the portfolio will
"depend on whose hands it's in."
William Susman, chief operating officer of
investment bank Financo Inc., thinks the brand
needs a serious overhaul before it becomes
a major player in the market. |
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Developers such as Peter Lowy, managing
director of Westfield Group, are eager to
buy back Lord & Taylor stores and either
raze or revamp them into new lifestyle components
and bring in new retailers. |
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H&M's smaller prototypes are being
rolled out to more stores in Las Vegas and
Southern California as the retailer continues
to expand into new formats, including malls. |
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The Taubman Co.'s development deal in Salt
Lake City with the Church of Latter Day Saints
might finally see the light of day. Bill Taubman,
president of Taubman Centers, said news of
the urban mixed-use project, which will reshape
all of Salt Lake City, will be released within
the next six months after several years of
negotiations. Taubman said it is one of the
most complex deals the developer has worked
on. |
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Forever 21's new store in Pasadena, Calif.,
which occupies a former Saks Fifth Avenue
space, is said to be the first of the retailer's
department store concept and will house items
such as shoes, accessories, men's and children's
fashions and a restaurant. |
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