“We are in a moment of transition,” declared William Taubman, COO at Taubman Centers, during a recent presentation to the real estate community. Interviewed by Michael Graziano, co-head of global real estate investment banking at Goldman, Sachs & Co., Taubman talked about the future of the industry at the event, which was sponsored by the Georgetown McDonough School of Business.

“Sales are mediocre now but they’re up one month and down the next,” he asserts. “Retail is ever growing; what makes a store great today are the seeds of destruction tomorrow. For example, look at Abercrombie and Fitch. It was so identified with a generation but eventually a new generation comes in. Retail reflects everything going on in society.”

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