Retail Development in Europe is Doing Just Fine
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We were standing in the Russian Council of Shopping Centers booth earlier today. We couldn't understand a damn thing they were saying, but then everyone high-fived and popped bottles of wine.
Judging from the scene at MAPIC in Cannes, France, retail is doing pretty well in Europe.
In fact, we have only spoken to a few people who aren't bullish about the continent. Franck Verschelle, at the firm Advantail, is building a Chelsea Factory Outlet-sized development near Versailles. Kahala Corp., the owners of Blimpie and Coldstone Creamery, are looking for international sites.
Additionally, there are some pretty large American developers doing business here. I ran into a guy from The Macerich Co. last night. Thor Equities, which just made a big buy in London, and Vornado Realty Trust, which is one of the most successful REITs, has a presence here as well.
In Europe, people want to expand and do more business. Should they or is retail going to face a tough time here?
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