Petrie Ross Ventures will seek approval to redevelop its City Place retail center in Silver Spring, Md. It will submit a plan within the next few months for the renovation, which will include a modern façade and new tenants.
Mexico expects to see strong investment in its retail and shopping-center industry. Its trade group in this space recently raised its expected investment estimate by $32 million this year, to $4 billion. If that investment materializes, it will be $400 million more than 2012's investment.
As online shopping moves to the forefront, retailers are trimming their physical presence but focusing on a few flagship stores in major cities. "It seems that flagships serve two purposes," Credit Suisse analyst Michael Exstein said. "These include retailers' affirming brand stakeholders in addition to a hedge against how the retailing structure could evolve in the next decade."
Retail property developer RioCan plans to make more than $468 million in acquisitions this year -- much of it in the U.S. One route would be by expanding its partnership with U.S. REIT Cedar Shopping Centers. The benefit to that approach is the REIT's access to capital, said Edward Sonshine, RioCan's president and chief executive.