Ah, the right of passage for commercial real estate and the month of May that is ICSC Recon.
I am not exaggerating when I say that I must have been asked 30 plus times in the last couple of months “are you going to Recon this year?” Unfortunately, I do have previous commitments.
I have in the past had a lot of fun at ICSC and chronicled my experience with articles interviews and videos.
What has happened to the ever charismatic Paige Steers?
One of the themes that always resonates no matter what year I attended is the ever-changing landscape that is retail commercial real estate.
Of course, the mainstream media has but two distinct stories to tell. It’s either dying and dead or it’s changing and thriving. Look at the dates of the articles.
Dying shopping malls are wreaking havoc on suburban America.-Business Insider. March 5, 2017
America’s Shopping Malls Aren’t All Dying, They Are Actually Being Reborn. The Street April 1, 2017
Here we are in 2017 still debating but, way back in 2011 we were still pulling out of the Big Recession and I decided to throw my opinion in and did a video titled “Bricks and Slaughter.”
So, it’s six years later and what has changed?
In my opinion, NOTHING!
The experience for a consumer at a mall has not only not changed it’s getting worse.
Statically it has been one of the worst years ever for retail closings – Zero Hedge.
“Shopping malls across the country are dying, and, in some cases, leaving jobless communities and rotting buildings that are hotbeds for crime in their wake.” Is a quote directly from one of the articles above.
That’s the commercial real estate legacy in 2017. “Rotting Buildings.”
Let me ask you this. What your opinion of Amazon right now?
Don’t you have one? Oh, I see you get it. You’re not stupid. It’s that e-commerce thing.
Let me ask you another question. Will Amazon become the first company to create a Trillion dollar valuation? Think about that. Trillion. That’s with a T.
Remember, it all started with selling books.
Didn’t I just explain one reason why Amazon….wait, I did. We All Know True Innovation Does NOT Exist In #CRE.
How many rotting, crime-infested buildings is Amazon holding in their portfolio right now? I’m guessing zero.
Again I ask another question. Is Amazon at ICSC Recon 2017?
If not I’m only guessing here but they are probably busy working on that “last mile” thing.
They are trying to figure out a way to make sure a consumer never has to get in a car and drive to get anything. Anything.
Commercial real estate flys out Vegas every year and takes over the entire convention center to try and entice developers to create more “retail real estate.”
Real Estate that relies on that consumer finding a compelling reason to plan, get in traffic, drive to a specific place park, walk around and buy that same pair of jeans they can get where?
Again with the questions. Who’s winning?
Who’s winning today?
Be truthful. Don’t just say it because your fucking mortgage depends on it.
Answer the question like everyone else is, with their most powerful thing they have, buying power.
It’s not just consumers.
Click and look at the names on the list. How many square feet of space do they occupy today?
It’s 6 Years Later So Why Is It Still Bricks and Slaughter? And What Can We Do About It NOW?
You tell me. I’m busy.
I need to get on Amazon and order a dozen or two new ProV’s and a couple of gloves.
I need a 52-degree wedge also. I wonder? #TeeItHigh #LetItFly
+1 I’m going to be at a conference with The CEO of GGP. Did I not say in the video that they were bankrupt in 2011? I wonder what he has to say now.