CLEVELAND-Expect the Developers Diversified Realty booth at the ICSC RECon meeting next month to have a more international flair, executives said at the company’s recent first-quarter conference call.
Acknowledging the industry slowdown, the company is displaying fewer U.S. projects, while boosting its display of projects in Brazil and Russia.
“We will probably show a little bit less on the domestic front and a little bit more on the international front at ICSC,” in terms of new U.S. developments, said Daniel B. Hurwitz, president and COO. “There are some projects that because of entitlements may be pushed to 2010, and today it’s hard to get people focused on 2010. We’re certainly going to want to keep people focused on 2009, so we’ll be showing projects for 2009 and early 2010.”
Even so, leasing agents have already booked more than 800 meetings at the RECon meeting. And 2010 will see a dramatic shift in projects in the pipeline.
“We will have three projects in Brazil and two in Russia that will be done in 2010,” said Scott Wolstein, chairman and CEO. Projects in Canada will play a role in 2011.
Developers Diversified Realty Corporation currently owns and manages over 740 retail operating and development properties in 45 states, Puerto Rico, Brazil, Russia and Canada, totaling approximately 162 million sf.