Primedia’s Shopping Center World Ranks The Top Retail Contractors For 2002
Annual Ranking Recognizes the Leaders in the Industry
Atlanta, Georgia – July 2, 2002 – PRIMEDIA’s Shopping Center World magazine, the source for retail real estate executives, announced today its ranking of the top retail contractors for 2002, as measured by square footage under development. The annual report, which appears in the July issue of the magazine, recognizes the major players in the retail real estate industry for their construction of new centers and stores across the country.
Despite an uncertain economic climate, the bellwether rankings did not decline as much as expected and the findings indicate that the retail real estate market continues to fare well.
“The amount of retail space under construction by our top 50 firms at the end of 2001 was about 86 million sq. ft., which is just 7.5% less than the 93 million sq. ft. under construction at the end of 2000. That’s not a significant drop-off given all of the challenges faced by the retail industry in 2001,” said Ben Johnson, editor-in-chief of PRIMEDIA’s Shopping Center World. “The averages for both interior and shell space built last year held up to the 2000 numbers, which speaks to the ongoing growth and strength of the industry.”
The 2002 rankings were compiled from data collected from the 64 retail contractors that participated in Shopping Center World’s Top Contractors Survey. The selections for this year are divided into three categories: interior space, shell space and space currently under construction. The top 3 contractors in each category are as follows:
Leading Retail Contractors of Interior Space
1) Fisher Development, Inc. - (San Francisco, CA) - 5,811,597 sq. ft.
2) R.A.S. Builders, Inc. - (Englewood, CO) - 5,685,712 sq. ft.
3) CSI Construction Co. - (Colorado Springs, CO) - 4,716,000 sq. ft.
Leading Retail Contractors of Shell Space
1) Vratsinas Construction Co. (VCC) - (Little Rock, AR) - 6,000,000 sq. ft.
2) CSI Construction Co. - (Colorado Springs, CO) - 4,869,300 sq. ft.
3) The Whiting-Turner Contracting Co. - (Baltimore, MD) - 4,154,100 sq. ft.
Leading Retail Contractors of Space Currently Under Construction
1) The Whiting-Turner Contracting Co. - (Baltimore, MD) - 9,864,600 sq. ft.
2) R.A.S. Builders, Inc. - (Englewood, CO) - 5,501,241 sq. ft.
3) Vratsinas Construction Co. (VCC) – (Little Rock, AR) - 5,000,000 sq. ft.
In addition to the rankings, the 2002 Top Contractors Survey also revealed the following findings related to the retail real estate industry:
· Wal-Mart, Target and The Home Depot are the most active clients, continuing last year’s trend of building more stores across the country
· Shell space built from January 1 to December 31, 2001, ranges from 28,000 sq. ft. to 6 million sq. ft., averages approximately 1.1 million sq. ft. and totals about 74.2 million sq. ft.
- Interior space built from January 1 to December 31, 2001, ranges from 55,000 sq. ft. to approximately 5.8 million sq. ft., averages approximately 1.4 million sq. ft. and totals about 92.4 million sq. ft.
- Retail square footage (both interior and shell) currently under construction as of March 31, 2002, ranges from 110,000 sq. ft. to 9.8 million sq. ft., averages approximately 1.4 million sq. ft. and totals about 89.1 million sq. ft.
- Percent of total business that is comprised of retail/shopping centers ranges from 3% to 100%, with an average of 63.9%
The ranking of the top retail contractors for 2002 is included in the July 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.
PRIMEDIA is the new tradition in media. With 2001 sales of $1.7 billion from a unique combination of traditional and new media properties, it is the leading targeted content and integrated marketing solutions company in both the consumer and business-to-business sectors. The Company is the #1 special interest magazine publisher in the U.S., with more than 290 titles such as Seventeen, Automobile, Motor Trend, New York, Fly Fisherman, American Baby, Telephony and American Demographics; the #1 producer and 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 www.primedia.com.
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