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June/July 2004
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Cover
Story
Signs of Hope?
In a package of stories, Value Retail News details several
encouraging indicators and trends – including the improved job market and
an optimistic view of the year from a group of polled shopping center
executives – as the outlet industry rolls into mid-2004.
ICSC says that the outlet chains it tracks reported the first back-to-back comp-store sales increases the retailers
have seen in years. But bad weather last year and other factors undoubtedly helped comp-store results for many retailers.
An overview of the nation’s planned new outlet projects
shows the market may be heating up. And many developers are working to increase the GLA of their existing projects.
The nation’s two largest outlet REITs – Chelsea Property Group and Tanger Factory Outlet Stores – turn in strong first-quarter results.
Quotables: Industry executives report on strong starts for outlets in 2004.
Features
News Up Front
New Player Seeks Protection
The future of Home 101 – Designer Linens & More looked bright when it opened its
first store on Oct. 1 last year. Now the company is trying to reorganize after
filing for protection in early May under the U.S. Bankruptcy Code.
Change in Cleveland
Heritage Development torpedoes its plans – at least for now — to build an
outlet center near Lake Erie to serve the western Cleveland market. The
developer hoped to develop a 70-acre site in Vermilion, Ohio, but prospective
tenants were less than enthusiastic.
2004 Outlet-Center Ownership Changes
The flurry of outlet-center transactions – acquisitions and other ownership
changes –continues with 22 centers totaling 4.5 million sf finding new
owners between November 2003 and June of this year.
ORCAs Surface
VRN establishes the Outlet Retail Chain Awards (ORCAs), which annually will
laud outlet retailers in five categories. Nomination forms will be delivered
shortly, and the new awards will be presented at VRN’s fall convention.
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