IRVINE, CA-GlobeSt.com has learned exclusively that Irvine Co. Retail Properties, building upon its current local Southern California campaign, has launched an international tourism campaign and visitor-incentive program. The campaign, which debuted at World Travel Market in London, promotes two of the firm's signature centers—Fashion Island in Newport Beach and Irvine Spectrum Center here—with the goal of tying tourism into the local economy.
Stacie Ellis, senior director marketing retail portfolio for Irvine Co. Retail Properties, tells GlobeSt.com, “Almost $8.7 billion is spent by Orange County's 43.8 million visitors annually, with local tourism generating employment for nearly 160,000 people countywide, according to Anaheim Orange County Visitor & Convention Bureau. The economic impact is clearly felt by our shopping centers, restaurants and theaters. We're excited to be launching a program that's targeting broader international and domestic markets.”
Christopher Thornberg, founder of Beacon Economics, tells GlobeSt.com that tourism has a significant impact on the local economy, particularly because tourism brings in “external money.” “When you have someone from another state or country coming into your area and spending money in the local economy, it has a multiplicative impact. That's money that wouldn't be there otherwise. It's a nice tick and a huge driver.”
Thornberg says the type of spending tourists do in the local economy is threefold: 1. spending on the reason they traveled to a particular destination, such as a concert, show or convention; 2. logistical spending on hotels, plane fare, rental cars, taxis, etc.; and 3. retail spending on meals, gifts and attractions while in town. “Ultimately, the fact that tourism has come back in a big way is good for the economy.”
As part of the tourism program kickoff, Irvine Co. Retail Properties hosted 56 receptive tour operators and 120 travel professionals representing attractions and hotels throughout Southern California to a reception, shopping-center tour and luncheon at True Foods Kitchen at Fashion Island. The new campaign communicates the diversity of retail and restaurant experiences while emphasizing the outdoor environments at both Fashion Island and Irvine Spectrum Center.
In addition, the new visitor-incentive program, “OC Stylish Savings,” provides visitors with thousands of dollars in savings, exclusive offers and amenities from participating retailers and restaurants at the two centers as well as at Corona del Mar Plaza and Crystal Cove Shopping Center, two other Irvine Co. shopping centers located in Newport Beach.
As Real Estate Forum recently reported, Irvine Co. Retail Properties division president Dan Sheridan said in a recent GlobeSt.com exclusive interview that the company sees growth in 2013 from both development and redevelopment. “We're adding restaurant pads at Fashion Island, and we're in the early stage of doing the same at Irvine Spectrum Center. But if I had to identify one single opportunity, I would identify the entire area surrounding the center,” Sheridan said.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
