January Issue Details Seven Cities Poised to Thrive
New York - January 17, 2003 PRIMEDIA’s Shopping Center World magazine, the source of information for retail real estate executives, identified the retail markets poised to perform particularly well in a recovery. The special report entitled “Markets to Watch” includes expert commentary from several leading real estate professionals and analyzes the factors that will lead the markets’ success.
“While the overall health of the economy is the primary factor that determines when the retail real estate industry again shows substantial growth rates, there are some markets that already possess the characteristics to become most successful,” said Beth Karlin, editor-in-chief of PRIMEDIA’s Shopping Center World magazine. “The seven markets in this report will have the fastest pickup in retail growth and positive results because they are surviving well in the weak economy and will therefore be ready to grow more as conditions improve.”
Though the markets may share a common destiny, they will realize it in different ways. Profiles in this Shopping Center World detail the combination of factors that give each city the ability to thrive after the period of economic turmoil passes.
- St. Louis’ stable and steady growth is a result of expanding suburbs and a revitalized downtown that is experiencing a cultural comeback. As a result, it is poised to make the most of a recovery.
- Averting the disaster that could have ensued following the closure and downsizing more than half a dozen military bases, San Diego is experiencing a revitalization as new housing and retail developments continue to spread across the county.
- The slowdown of tourism resulting from a weak economy has certainly affected southern Florida, but the emergence of vibrant, upscale downtown neighborhoods in Miami - Ft. Lauderdale has offset the damage. When the tourists return, the two forces together will allow for the markets positive results.
- In Boston there is a great deal of redevelopment aimed at stimulating housing in the city and surrounding suburbs. Where residents go, retailers follow. Developers are also rushing to take advantage of the opportunity afforded by the “Big Dig” to build on previously neglected harborside land.
- While corporate America is struggling, political America is not cutting back and in fact is creating jobs in Washington, DC. The war on terrorism is creating jobs and major retail projects are underway in the capital, where developers are bringing new stores into revitalized neighborhoods.
- Although vacancies are well above the national average, Dallas – Ft. Worth continues to draw new citizens and residential development, and retail construction is keeping pace nicely with residential growth.
- Seattle possesses two valuable traits: an affluent, highly educated population and natural barriers that limit greenfield development makes its retail real estate pricey and productive.
The listing of the retail markets to watch in 2003 is included in the January issue of PRIMEDIA’s Shopping Center World and is currently available on its Web site, www.shoppingcenterworld.com
About PRIMEDIA’s Shopping Center World magazine Shopping Center World is a business publication written for retail real estate executives. Readers include shopping center developers, owners and managers, retail chain store executives, finance and investment professionals, construction personnel, marketing professionals, leasing agents, brokers, architects and designers. Each month, the staff combs the retail and shopping center landscape and talks to experts to ensure that Shopping Center World is the authoritative link to the people, companies, products and news that drive the industry. Daily web news and monthly features, profiles, columns and trends, as well as original research, are designed to make Shopping Center World informative, timely and a must for dedicated professionals. Shopping Center World is part of PRIMEDIA’s Financial Services Group which also includes National Real Estate Investor, Registered Rep and Trusts & Estates.About PRIMEDIA
About PRIMEDIA One of the world's most innovative media companies, PRIMEDIA is pioneering the concept of targeted scale through its combination of traditional and new media properties. The company capitalizes on its focused content across print, television, the Internet and live events to offer highly effective integrated advertising and marketing solutions in some of the most sought after advertising demographic sectors including teens, automotive, outdoor, luxury, real estate and business-to-business segments. With 2001 sales from continuing businesses of $1.6 billion, PRIMEDIA is the #1 special interest magazine publisher in the U.S., producing more advertising and editorial pages through its more than 250 titles including Seventeen, Automobile, Motor Trend, New York, Fly Fisherman, Power & Motoryacht, Telephony, Ward's Auto World and American Demographics, than any other media company. It is also the #1 producer/distributor of specialty video with 18 satellite and digital video product lines, including Channel One Network; and the #1 news and information group on the Internet, led by About.com. PRIMEDIA's stock symbol is: NYSE: PRM. More information about the company can be found at http://www.primedia.com.. PRIMEDIA's stock symbol is: NYSE: PRM.
Media Contacts: Hawley Strait, 212-446-1877
Noelle Wojciehowski, 212-462-3658