CHICAGO—Michael P. Glimcher, who has served as CEO of two of the largest shopping center owners in the US, will now lead a third, Starwood Retail Partners. His appointment as CEO of the nation's fifth largest owner of regional malls took effect on Monday.

Glimcher succeeds Scott Wolstein, who will transition to a new role as a senior advisor to Starwood Capital Group, the parent company of Starwood Retail. “Scott was a great partner who was essential to creating and growing Starwood Retail Partners from its inception in 2012 to a portfolio of 30 malls and lifestyle centers across the United States,” says Barry Sternlicht, chairman and CEO of Starwood Capital. “We thank him for his efforts and are happy that an executive with his knowledge and understanding of the retail industry will remain on with Starwood Capital Group as a senior advisor.”

The 27-year industry veteran started his career with Glimcher Realty Trust, where he became CEO beginning in 2005 and chairman in 2007. During his tenure at the helm of Glimcher Realty, he successfully repositioned the portfolio from strip center/small market malls with moderate performance and sales to a high-productivity portfolio of larger market malls and lifestyle retail. Following Washington Prime Group's spinoff from Simon Property Group and its $4.3-billion acquisition of Glimcher Realty, which closed in early 2015, Glimcher served as CEO and vice chairman of the merged entity, WP Glimcher, until 2016.

Mark Deason, head of US asset management for Starwood Capital, says Glimcher has “an intense passion for the retail business, is widely respected by his peers and has a deep understanding of what retailers and shoppers are looking for and how we, as landlords, must adapt. We will work together to take advantage of our combined platforms' relationships and scale, further enhancing our ability to capitalize on the opportunities and face the challenges that are confronting the retail industry.”

Glimcher calls Starwood “a brand that has been synonymous with success.” He adds that Sternlicht and Wolstein have assembled “an outstanding portfolio with unlimited potential to create the 'shopping venues of the future.' “

Instant Insights /

Glimcher Takes Helm of Starwood Retail

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