GlobeSt.com is providing wall-to-wall coverage of ICSC's RECon show in Las Vegas May 19-22. Retail Ticket will provide coverage of the event through the end of May, featuring pre-event articles, live video interviews on site and post-conference analysis.
LAS VEGAS-Orange County isn't hurting in the retail real estate sector, at least in the Irvine Co.'s (RECon booth S510W) portfolio. The firm is a GlobeSt.com Thought Leader through the month of May around the ICSC convention here. Fred Collings, the senior vice president of retail leasing for the firm, talked to us about the retail trends he is seeing in the company's large retail real estate portfolio in the area.
GlobeSt.com: You have a significant stake in Orange County retail real estate. How is that market holding up?
Fred Collings: We're seeing sales increases at all of our centers in our portfolio. They just released the unemployment figures for Orange County last week, and we are at 5.7%, which is the lowest in California. So we're in a nice little bubble of heaven in Orange County.
GlobeSt.com: You have malls like the Irvine Spectrum and necessity shopping centers. Necessity is holding up, but how are the malls doing?
Collings: At the Spectrum, we're showing nice double-digit growth, both in traffic and sales. Our restaurant business there is off the charts. It's been strong. As we continue to re-merchandise that center, it just gets better and better. Our theater is one of the top-volume theaters in the state of California. The Spectrum, ultimately is going to be a very intense office, multifamily, retail destination. We like to say it is the Century City of Orange County. That's where it's headed.
GlobeSt.com: In what industries are you seeing the most employment?
Collings: Our employment is in the finance, real estate and tech sectors. Real estate is still a very big part of our economy in Orange County, as is the technology business.
GlobeSt.com: Are there any types of tenants your are excited about right now?
Collings: Food has been unbelievable in all phases, fine dining, casual dining and quick service. All of them are very strong, and they seem to be the most expansion-minded players. Of course, electronics continues to be very strong. Tesla Motors has a great story to tell, they are profitable, their stock is up and they are selling a lot of cars.
GlobeSt.com: What are your expectations for the show?
Collings: It will be very positive. People are here to do transactions, both on the landlord and retail side. They are expecting an attendance equal to that of 2007, so it should be very good. We've got a very full calendar for about three days, and it will be good.
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