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Edens CEO on Retail Rebounding

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  • Description

    Edens CEO Terry Brown weighs in on the state of the retail industry.

  • Duration 3:15
  • Date

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It'll end -- spending for October up over 3% from last year promising news for a company like Eden was.

But the 130 locations gains as one of the largest owners of shopping centers in this country mostly here in the northeast -- -- the CEO Terry brown and Terry thank you for being here.

You're telling me that with and that the that the the mall like I guess outdoor malls that you run right now.

Big names like target big names like whole foods really are bringing in customers for all the other smaller side businesses so things are actually improving on the side of the.

Things are definitely improving it takes.

-- anchors like target whole foods and other retailers who bring customers back to a shopping place a location.

Once twice weeks and I like whole foods in fact is driving traffic -- lot of people -- about their groceries every single -- to prepare dinner.

-- 95% occupancy right now and where what what we're saying in the forecasting -- the 2013.

Occupancy rates are actually gonna go higher less space better rent for you correct.

Absolutely we are approaching our pre recession peaks in terms of our occupancy.

-- we approach 35% and our business we're largely full so hopefully in 2013.

They'll allow us to really shore start to push rents drop for -- going com.

You've got about three billion dollars invested -- all of these properties but northeast heavy center for you Connecticut.

New York in particular what are the effects of the storm.

On your tenants.

But we're we're very fortunate.

-- Specter.

But the reality the physical plants survive just fine.

Obviously the November -- -- retailers as as -- all retailers in the northeast.

-- impacted by CB as well as the election to sales were low down in November but we're hopeful that -- -- we'll pick up in December and make up for -- You're kind of giving credence in confirming what the major retail chains -- told us remember same store sales that was impacted by the storm saying that absolutely did happening your property but absolutely I lost a few days and you know but we think consumers will -- that's very interesting now what better for you right now what is it is that the -- -- -- You -- or is it more of like and I got a huge.

There was -- district in DC it is a big Safeway know and that one the south -- center in Boston is -- more -- -- their urban centers that perform better for you.

Or -- me outline.

So clearly clearly the urban centers things that are more -- and what graphically driven.

Terms of population densities and also incomes.

Are performing much better and that's where most cover activity is in terms or redeveloping.

Great infill site in creating interest in places.

They're really driven Bob merchandising.

Design and really engagement with the community -- -- Saying that fitness and jams lululemon and things like that really are just cut another big anchor of these retail spaces right now on the strip -- -- he -- no offense but announcement that in my mind.

Well clearly on demographics are driving people fitness food those are -- a hot areas in retail.

I whether its fitness in terms of -- BT -- fitness clothing and related activities so those are really hot hot air.

-- also -- a lot of the smaller shaft and inspired restaurants in general who also chalk one up for the little guys Terry brown thank you very much great to have in the show interesting business thank you -- --

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