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Edens President Jodie McLean discusses how shopping centers are growing around the U.S and its reflection on the economy.
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Look at the retail sector the jobs report this morning we learned the industry shed 7400 jobs in February.
After seeing five consecutive months of gains -- February usually when some of the seasonal workers hired for the holiday season are let go -- Can we -- expect -- number than to rise over the rest of this year let's find out what -- -- seeing she is the president chief investment officer.
I've -- which is a private retail real estate company.
Which owns develops and operates 130 shopping centers representing about eighteen million.
Square feet of retail space -- welcome CEO thank -- -- -- you really have a front row seat on the American consumer right now so what are you seeing.
We're seeing.
Increase confidence we're seeing increased retail momentum.
I think there numbers today we're expected after the holiday sales -- Obama -- so.
Are extremely.
Exciting to us we continue see the consumer feeling confident.
With jobs coming in the market.
It you know it's incredibly your opening six centers in 2012 representing an excess three million square feet.
That's a lot of space is a really demand out there without -- They entire country we're seeing it in the major markets in the high data and the markets is their special strategy used I understand 90% of your locations have some kind of grocery store food store.
We do we have a -- a specific strategy we believe that retailers changing continue to change radically.
Over the next three to five years.
As a consumer has more -- more options -- way to access retail so we think that retail is becoming extremely important to bring.
Be the community hub.
A place to bring communities together the food components that is extremely important -- that brings her there.
Over two times a week but more importantly we think that design in the senate.
The place for the community -- come together and just start to rebuild connections in the human analog format is extremely important.
So what kind of further during -- what's during portly what are people gravitating towards.
We're continuing to see growth and in our grocery that trends in -- -- portfolio continued to be up.
We're seeing our restaurant trends we're seeing our fashion trends continue to go up things they're pure commodity.
As you'd expect in the book.
In the gaming out of seeing flat to negative for -- facing any kind of threat or bite out of business because of the explosion of online shopping online retail.
You know we're not seeing it in the way that you thought we might see it and our sentence -- continuing.
To see people want to be here we're seeing more trips we're seeing slightly less tickets but that being made up sales being made up -- more trips tariffs and apps.
So how many jobs do you think that represents -- -- because I mean obviously today is all about jobs and here you are adding.
Six -- all these square feet how many new jobs due to could be created across -- that territory.
We have one in particular that will bring online about two million square feet over the next eighteen months.
That -- is in Fairfax Virginia.
We believe that that's general create directly 2000 jobs for that community -- -- that are permanent jobs and permanent -- okay about 19100 construction jobs.
Until completed and in this permanent stage about 2000 jobs and 500 indirect jobs through vendor contracts.
Just if sorry was I think that time to get one more quick one its.
Estimate that you feel so good about the economy that you're willing to go out and build these space as it's surprising to me and what -- -- -- back positive.
We're seeing our -- Actually increasing slightly that's single single digit though.
But really rents -- a function in sales so we've partnering more than number with her retailers to make sure that we're helping them direct the sales there.
Okay -- thank you so much thanks thanks.
