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LAS VEGAS-“Retail channels are blurring and we tend to accelerate that.” So said ICSC RECon 2013 keynote presenter Gregory Wasson, CEO and president of Walgreens.“Our goal is to put down the traditional drugstore format we know today and make something unique.
Walgreens' mantra is “happy, healthy, made easy,” and to achieve that, he said, the company has three key strategic growth drivers: To create a well experience; transform the role a community pharmacy plays in this country; and the company is intent on establishing a global platform.
Just before Wasson's comments, David LaRue, ICSC chairman 2013-2014 and president and CEO of Forest City Enterprises Inc., spoke a bit about retail as it relates to consumer confidence. “Retailing has always been tied to consumer confidence and while there are certainly improvements, the trend is slow,” he said. “We have a positive outlook, but it will be slow and steady.”
The outlook in Central and South America, though is more positive. “There is significant opportunity for brick-and-mortar assets. The opportunities I believe that are presented by the changing global demographics are that there is a different reality of our customers and future leaders in the industry.
According to LaRue, changing global demographics “presents a tremendous opportunity if we are willing to seize it. The most diverse companies are the best performers.”
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The one thing that is clear, according to attendee Scott Riddles, a SVP at CBRE, is that there is a strong demand in the retail sector, especially in the “A” locations. “The challenge we have is that the 'A' locations continue to be absorbed and new development remains well below historical norms,” he told GlobeSt.com
Most sub-markets continue to tighten, he explains. “We will see several projects start to come on line starting in 2014, but new construction will continue to be well below the annual historical norm.”
Downtown Los Angeles, for example, is seeing a lot of activity, with the redevelopments of 7th & Fig and Macy's Plaza, added Riddles. “The most active tenants in Southern California are Nordstrom Rack, Ross, TJX, Home Goods, Bed, Bath & Beyond, Buy Buy Baby, Dick's, Total Wine, Hobby Lobby, LA Fitness, Whole Foods, and Wal-Mart/Neighborhood Market.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
