Bolen on ICSC Resources, Diversity, Career Growth at RECon 2106

THOMAS BOLEN

LAS VEGAS (May 20, 2016) – Thomas Bolen, associate at Crossman & Company, one of the Southeast’s largest retail leasing, property management and investment sales firms, will help lead an International Council of Shopping Centers (ICSC) Foundation talent development workshop at RECon, May 22-25 in Las Vegas.

An integral member of the Crossman & Company leasing and private client investment sales teams, he actively supports the growth and development of brokerage services at many strategic levels.

“Developing new talent and fostering diversity is a key ingredient of the Crossman & Company corporate mission and culture. A major component of our success as a firm has been our dedication to these values. It goes hand in hand with ICSC Foundation’s education and professional development initiatives,” Bolen said.

He works with historically black colleges and universities (HBCU) to create career opportunities in the real estate industry. He holds an MBA from Florida A&M University’s School of Business and Industry. Bolen was instrumental in leading the charge that led to his Alma Mater being the first HBCU to ever attend RECon.

Bolen is a recipient of the ICSC Fiala Fellowship and received the ICSC Undergraduate Student Scholarship in 2011.

Bolen will share the stage in Las Vegas with Betsy Trobaugh, ICSC Foundation Board Member, and Director, J.C. Penney, David F. Miller Center for Retailing Education and Research, University of Florida.

Serving Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia, Crossman & Company now has 25,678,368 square feet under leasing and management comprising of 347 properties and recently opened a new office in Miami.

Crossman & Company has created a Commercial Real Estate Guide offering valuable insight and perspectives on a career in the industry. The latest revised guide is free and available for download in English, Spanish, and Portuguese at www.crossmanco.com.

The talent development workshop is scheduled for Monday, May 23 at 3:30 p.m, in N3 at the Marketplace Mall.

For more information, visit www.crossmanco.com or call (407) 423-5400.

High-End Fashion Designer Signs Lease to Create Flagship Boutique on Staten Island

LAS VEGAS - BFC Partners announced that Dennis Basso, one of the world’s most prominent and prestigious fashion designers, will soon open his first outlet store at Empire Outlets, New York City’s first and only outlet center development currently under construction along the New York Harbor on Staten Island.

The new 2,138 square-foot leasing transaction was completed just days before the one of the industry’s biggest trade shows, the International Council of Shopping Center’s (ICSC) RECon conference, taking place on May 22-25 in Las Vegas.

Known for his distinctive furs, evening wear and bridal dresses, Dennis Basso’s new outlet boutique will offer an extensive collection of furs, ready-to-wear couture and accessories.  As a prominent figure in the global fashion scene and a celebrity favorite,

Dennis Basso has been a closely watched presence on the runway at New York Fashion Week and in Hollywood. His designs have been prominently seen on screen in films such as “Chicago,” “The Devil Wears Prada,” “Nine” and “Snow White and the Huntsman.”

“Dennis Basso defines international couture, and we are extremely thrilled that Empire Outlets will be the first outlet location for this trend setting global phenomenon,” said Joseph Ferrara, principal at BFC Partners. “Dennis Basso has been hailed by both celebrity and private clients and is consistently featured in the media and at red carpet events worldwide. Our ‘stars’ aligned seamlessly as our vision for Empire Outlets only begins to materialize into an experience that visitors from around the world will want to repeat time and time again, and adding Dennis Basso to our roster of best in class retailers only validates our vision into reality.”

Ferrara added: “In 2017 residents and visitors alike will be able to walk into Dennis’ boutique and walk out feeling like they are ready to hit the red carpet and take home a piece of NYC couture.  It’s all about the experience.”

 The new leasing transaction for Dennis Basso closely follows on the heels of the announcement of the arrival of jewelry exchange, Jewelers on Fifth, and artisanal food hall the Marketplace at Empire Outlets. Dennis Basso will join other national brands including Nordstrom Rack, White House Black Market, among others.

Empire Outlets is currently 60 percent leased and BFC Partners is currently in negotiations with other prominent national retailers.

Located directly adjacent to the St. George Ferry Terminal, the multi-million dollar Empire Outlets project will include 350,000 square feet of prime retail space with approximately 100 designer outlet retailers; a 190-room hotel featuring a rooftop venue with expansive waterfront views; a 1,250-space structured parking garage; and a 40,000-square-foot food and beverage deck that will provide extraordinary views of the Manhattan skyline. The project will be adjacent to the New York Wheel, which will be one of the tallest observation wheels in the Western hemisphere.

Expert Panel to Discuss Future of Retail at 2016 RECon

MEDIA NOTE: To arrange an interview with John Crossman or for more information on The Future of Retail at RECon contact Mike Bonts @mike@bontspr.com/(904) 424-6641 or Megan Bobiak at mbobiak@crossmanco.com.

                                                                                   

LAS VEGAS (May 18, 2016) – John Crossman, president of Crossman & Company, one of the Southeast’s largest retail leasing, property management and investment sales firms, will moderate an executive discussion on the future of retail during the International Council of Shopping Centers (ICSC) RECon in Las Vegas May 22-25.

“I am very honored to be part of this distinguished panel delving into critical topics such as retailer trends, response to shifting demographics, technology and its impact on retail and how landlords plan to respond,” Crossman said.

Panelists include Paul Ajdaharian, CLS Executive Vice President, WP GLIMCHER; David Krueger Senior Vice President, Ulta Beauty and Allyn Taylor Chief Development Officer, Zoës Kitchen.

Crossman has been an active member of ICSC for over two decades, having served on the RECon Advisory Board and the CRP/ CSM Admissions and Governing Committee. 

“We live in interesting times. The face of retail leasing and property management is evolving. We are responding to important issues affecting the commercial the real estate industry and emerging markets, as well as development and investment trends,” noted Crossman.

Serving Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia, Crossman & Company now has 25,678,368 square feet under leasing and management comprising of 347 properties and recently opened a new office in Miami.

The program is scheduled for Monday, May 23 at 4 p.m. in Ballroom A of the Westgate Resort next door to the Las Vegas Convention Center.

For more information, visit www.crossmanco.com or call (407) 423-5400.

About Crossman & Company

Crossman & Company is the premier real estate firm focused on serving retail landlords exclusively throughout the Southeast – with offices in Atlanta, Boca Raton, Tampa, Miami and Orlando – representing more than 340 shopping centers and over 25 million square feet in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina and Virginia. The company was founded in 1990 with the goal of providing exemplary service to our clients around four core values: Maintain enthusiastically satisfied clients; Demonstrate servant leadership; Practice kindness, openness and humility; and Develop new talent. For more information, visit the company’s website at www.crossmanco.com.

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ICSC: Majority of Consumers Show Spring Fever by Heading to the Stores

NEW YORK - The International Council of Shopping Centers (ICSC) released its Easter and Spring Apparel Spending survey  providing insight into consumer behavior as we approach the second quarter of the year. 

A vast majority of consumers (91percent: Easter; 90 percent: Spring Apparel) will frequent stores for their shopping this season, while a solid amount of consumers will utilize click and collect.  On average, Americans who shop for spring apparel will spend $193.70.

Overall, 60 percent of American adults will shop and spend for Easter this year, while 57 percent of adults will do the same for spring apparel. Of those who shop for Easter, 85 percent will spend on food/beverage gifts, with millennials spending the most on restaurants/take-out in comparison to Baby Boomers and Gen X. For Easter, Americans who plan to shop will have an average spend of $135.10.

“Easter and seasonal apparel shopping habits highlight consumer preference for shopping in-store,” said Tom McGee, President and CEO, ICSC. “It’s a trend that is consistent amongst all demographics, as consumers are making purchases for the Easter holiday and on spring apparel in stores. While the types of purchases and location of shopping may vary, the consistency with which consumers are driven to brick and mortar shops demonstrates the central role they play in the shopping experience.”

Millennials Spend for Occasions, Gen X Shops for the Season

This year, millennials will spend the most in all categories of Easter shopping with the exception of food/beverage gifts, whereas Baby Boomers spend slightly more than millennials or Gen X.

For Easter, millennials will spend an average of $176.90, compared to $127 from Gen X and $113.70 by Baby Boomers. The opposite is true when it comes to spring apparel shopping; Gen X will spend the most ($209.90), followed by Baby Boomers ($193.50) and millennials ($183.30).
There are notable differences in shopping venues however, as 44 percent of millennials will shop at specialty apparel stores, while 28 percent of Gen X and only 15 percent of Baby Boomers will make their purchases in these stores.
Across both Easter and spring shopping however, there is little to no generational difference between shopping in store or other physical locations.  

Informed Consumers Leverage Mobile Throughout Shopping Experience

Sixty-nine percent of those shopping for spring  apparel will use a mobile device while in the store.
The use is typically to ensure the consumer is getting the best price, as 51percent are comparing prices for products across varying stores, which resonates equally across both genders.
Nearly half (48 percent) of consumers who will make a purchase on spring apparel first conduct research online before visiting a store.
There is little difference between men and women, as 52 percent of those conducting research are men, 48 percent women.
Click and Collect Proves Favorable

Spending for Easter and spring apparel continues to show the steady growth in the popularity of click and collect model.

Twenty-five percent of those who will shop for spring apparel will do so online, opting to pick up their items in store.
This trend is further highlighted in Easter purchasing, with 21 percent using the click and collect method.

Andrew Chaban Elected as Chairman of NAHB Multifamily Council

WASHINGTON - The National Association of Home Builders (NAHB) announced that Andrew M. Chaban of Andover, Mass., has been elected as chairman of the NAHB Multifamily Council. 

Chaban is the Chief Executive Officer of Princeton Properties, which acquires, builds, renovates, leases and manages apartment communities and corporate furnished apartments. Currently, Princeton Properties owns and manages more than 6,000 apartment homes for rent in Massachusetts, New Hampshire, Maine and Georgia. Chaban is considered to be one of the foremost industry experts in the field of rehabilitation and management of multifamily rental housing.

"The multifamily market is a critical component in the overall home building industry, and I will work to make sure our voice is heard," said Chaban. "I look forward to working with my fellow multifamily developers on the many important issues facing our industry today."

Chaban is the past president of the Northeast Builders & Remodelers Association of Massachusetts, and is also a board member, public policy committee member and a past state representative to NAHB for the Home Builders & Remodelers Association of Massachusetts. Chaban currently serves as an executive board member, a life director and investments committee chairman for NAHB. Chaban is the founding chairman of the Housing Credit Certification Board, responsible for credentialing tax credit compliance professionals.  

Chaban is also the past president of the Rental Housing Association of the Greater Boston Real Estate Board and a member of Tufts University trustee building and grounds committee. He was chosen as one of the "125 Leaders Making a Difference" by Banker & Tradesman of Boston and was the recipient of the B'nai Brith Man of the Year award.

Andrew is a cum laude graduate of Tufts University

NAHB: Housing Starts Fall 3.8 Percent in January

WASHINGTON -- Nationwide housing starts dropped 3.8 percent to a seasonally adjusted annual rate of 1.099 million units in January, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department. Overall permit issuance edged down 0.2 percent. 

"January's production numbers are in line with our recent HMI reading and show that builders are being cautious as they face some market uncertainties and supply side constraints," said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill.

"Despite the modest dip in starts this month, we expect to see ongoing, gradual growth in housing production in 2016," said NAHB Chief Economist David Crowe. "An improving economy, solid job creation and pent-up demand for housing should keep the market moving forward." 

Both single- and multifamily production dropped in January. Single-family housing starts fell 3.9 percent to a seasonally adjusted annual rate of 731,000 units while multifamily starts declined 3.7 percent to 368,000 units.

Combined single- and multifamily starts fell in all four regions in January, with the West, South, Northeast and Midwest posting respective losses of 0.4 percent, 2.9 percent, 3.7 percent and 12.8 percent.  

Multifamily permits rose 2.1 percent to a rate of 482,000 while single-family permits fell 1.6 percent to 720,000. 

Regionally, the Midwest, West and South registered respective permit gains of 26.5 percent, 24.5 percent and 0.3 percent. Permits fell in the Northeast by 55.4 percent.

Builder Confidence Drops Three Points in February

WASHINGTON - Builder confidence in the market for newly-built single-family homes fell three points to 58 in February from an upwardly revised January reading of 61 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).

"Though builders report the dip in confidence this month is partly attributable to the high cost and lack of availability of lots and labor, they are still positive about the housing market," said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill. "Of note, they expressed optimism that sales will pick up in the coming months."

"Builders are reflecting consumers' concerns about recent negative economic trends," said NAHB Chief Economist David Crowe. "However, the fundamentals are in place for continued growth of the housing market. Historically low mortgage rates, steady job gains, improved household formations and significant pent up demand all point to a gradual upward trend for housing in the year ahead."

Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor." The survey also asks builders to rate traffic of prospective buyers as "high to very high," "average" or "low to very low." Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

The HMI component measuring sales expectations in the next six months rose one point to 65 in February. The index measuring current sales condition fell three points to 65 and the component charting buyer traffic dropped five points to 39. 

Looking at the three-month moving averages for regional HMI scores, all four regions registered slight declines. The Midwest fell one point to 57, the West registered a three-point drop to 72 and the Northeast and South each posted a two-point decline to 47 and 59, respectively.