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Future of Retail: Jobs, Banks and Innovation

NEW YORK CITY-ICSC's Capital Markets Conference held a consensus that the best thing to do while waiting for bank money was to try to get ahead of the next big trend.

By Ryan Clark | Updated on September 25, 2009

NEW YORK CITY-Retail fundamentals still apply, but the industry is continuing to face headwinds, said panelist Paul Fox, managing director of Cerberus Real Estate Capital Management. The Private Equity Update at ICSC’s Capital Markets Conference was moderated by John Troughton, senior director, brokerage at Cushman & Wakefield with Fox and Laura Prager of ICAP Corporates, voicing their opinions.

“The best opportunities are trying to buy distressed property,” Fox noted. “You could buy the debt, but buying the debt is just a way to get to the asset.” The issue, he pressed, was that the old ways of retail were running into problems and there needed to be a new innovation that could change the market positively. Something that would “energize the public to get off their computers and interact, again,” Fox explained.

The answer is still lost in the ether, but Fox explained its necessity, nonetheless. “The department stores that our grandparents [went to],” he said “People don’t do that anymore.”

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