The Related Cos. is facing delays on the $570 million second phase of its CityNorth project in Phoenix. The developer is still seeking financing to build the second phase of the project, which was supposed to be anchored by Nordstrom and Bloomingdale's.
Macy's sees outlet stores as having potential, CEO Terry Lundgren said. The department store also is pleased with the number of male customers in its stores. "Men are growing proportionately as a percentage of sales -- particularly young men," Lundgren said.
The nearly $800 million in federal stimulus spending is certain to give a boost to commercial real estate, a report by Marcus & Millichap Real Estate Investment Services concludes. But the firm says most of the impact will be felt next year, at the earliest.
Panelists at ICSC's RECon conference advised landlords to request profit-and-loss and earnings statements from tenants seeking a rate reduction. "Tenants need to show us their pain. While the landlord may not always agree [to a cut], you need to have the facts in front of you," said Mez Birdie, director of retail services for Maitland, Fla.-based NAI Realvest.