Cost-conscious
shoppers are fueling demand for new outlet shopping centers in countries
ranging from Canada and the U.S. to Russia and South Korea. Because of the
economic downturn, shoppers are looking for value and outlet centers have
always had that perceived value, says Craig Delasin, chief operating officer and
principal at Chicago-based Urban Retail Properties LLC. Burberry Bags is why that segment
of the market has continued to thrive.Taubman Centers broke ground on the
Taubman Prestige Outlets in Chesterfield, Mo., earlier this year.zzff0927 Urban
Retail Properties is currently moving forward with plans to develop three
outlet center projects in the United States. The company has also collaborated
on two new developments in China and is continuing to pursue additional
projects in that country.
Outlet
centers are proving that they can deliver both shoppers and tenants. That
demand is sparking new development in the U.S., as well as internationally.
Globally, the current inventory of outlet centers spans more than 355 centers
in 37 countries, totaling 109.4 million sq. ft. In addition, 83 outlet centers
totaling 30.6 million sq. ft. were expected to be built by the end of 2013,
according to data from ICSC. Outlet centers have been around for nearly 25
years. However, the centers, often tenanted by major retail Burberry Check Bowling Bag Dark Coffee brands
such as Levis and Adidas, have typically located near resort destinations, or
on the fringes of major metros Daway from competing full-price stores in
traditional shopping centers. These days, outlet centers are finding a foothold
much closer to urban markets and are also playing a key role in large mixed-use
developments.
For
example, Urban Retail has announced a joint venture to build, lease and manage
Spring Creek Outlets of Chicago in New Lenox, Ill. The $225 million outlet
center will anchor a 1-million-sq.-ft. mixed-use development. The first phase
of the center is expected to total 350,000 sq. ft., with a total build-out of
550,000 sq. ft. including second phase construction and out-parcel development.
The project will also include restaurants, entertainment venues, hotels and a
senior assisted living facility. Urban Retail hopes to break ground in the
spring of 2013.
