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.
The federal judge supervising the bankruptcy of General Growth Properties is being asked to rule on a legal question that could have far-reaching consequences for the CMBS market. The issue before the court is whether special-purpose entities established to hold commercial mortgage bonds are separate from the parent company and, consequently, remote from the bankruptcy process.
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.