Kimco Realty is beginning demolition of an old shopping center in Deptford, N.J., to make way for a new center anchored by several retailers including Bed Bath & Beyond and buy buy Baby. The center has been vacant for several years and builders hope to have the new center opened in time for the holiday shopping season. "It takes time to demolish buildings. You've got to empty them out. I can't speak on the exact construction schedule," said Deptford Mayor Paul Medany.
Interserve in the U.K. and Scottish company Tiger Developments are partnering to build a mixed-use retail center in Edinburgh, Scotland, for $242.8 million. Tenants will include Tesco, Staycity, Prezzo and Pret a Manger.
Retail conditions in Europe are still declining although the rate of decline has slowed, according to International Council of Shopping Centers' Euro-Shop Index. Also, the Expectations Index suggests that the market will not deteriorate further over the next six months.
Jaime Weiss, head of New Jersey's Weiss Realty, says the downtown has hurt local retail real estate, but strategic action has kept losses to a minimum. He points to Colonial Village, a 70,000-square-foot mixed-use center in Edison. There, Weiss Realty worked closely with tenants to increase traffic, eventually keeping vacancies down.