Eager to find new ways of attracting customers to its shopping centers in a time of tight marketing budgets, Inland Western Retail Real Estate Trust is having success with some innovative approaches, including the use of social media. "Social media is becoming a lot more popular in communication with your customer base, and it's a very cost-effective way to communicate with your customers," says the REIT's vice president of marketing, Cherilyn Megill.
Al-Futtaim Carillion and Orascom Construction Industries plan to build a $340 million center in Cairo Festival City, Egypt. The center will include IKEA, ACE Hardware and Marks & Spencer, as well as restaurants and entertainment.
SUPERVALU named Craig Herkert, formerly president and chief executive for Wal-Mart in the Americas, as its new CEO. Jeff Noddle, who has been with SUPERVALU for more than 30 years, likely will step down as CEO by the end of the year.