One of the many firms in attendance at last week's RECon show was The Irvine Co., a leader in Orange County retail, with about 35 community and regional centers throughout the area, including Irvine Spectrum and Fashion Island. The firm is one of GlobeSt.com's Thought Leadership partners during the month of May surrounding RECon. We spoke with Dan Sheridan, president of retail properties for Irvine, and got his thoughts about how the conference went and what he is looking forward to during the ICSC Western Division Conference in San Diego in September.
GlobeSt.com: How do you think RECon went compared to past years? Was it strong attendance as well as overall attitude?
Dan Sheridan: The attendance seemed really strong to me, and I saw reported that it was over 35,000. The mood was very positive, especially when you think back three or four years ago. What a contrast.
GlobeSt.com: What were your meetings with retailers like? Did you get done what you were hoping you would?
Sheridan: Yes. You don't really finish or get a deal done, per se, at the convention. It's really just about keeping the process moving and keeping the dialogue going. We certainly accomplished that. Another thing we accomplished was trying to educate the retail and restaurant community more and more about the Irvine Co. and the future of our properties. Because we are so geographically focused on Southern California, many people in other parts of the country aren't as familiar with us as we want them to be.
GlobeSt.com: Will you see some new players enter your centers as a result?
Sheridan: One of the goals we had going into the convention was to identify retailers and restaurateurs who are not in Southern California that we think should be and try to get them the opportunities that we have at the Irvine Co. We can really deliver, essentially, the Orange County market. For those retailers and restaurateurs that see the value in that, we have a perfect solution.
GlobeSt.com: Was there any one property in particular you were trying to lease up, or was it portfolio wide?
Sheridan: It really was portfolio wide. Our portfolio is split 50-50 between regional and neighborhood and community centers. We look at the portfolio in those two ways.
GlobeSt.com: The next big conference for you is the ICSC Western Division show in San Diego in September. What are your expectations for that?
Sheridan: I expect the mood to continue to be positive. The Southern California economy is turning around nicely. There is job growth, and home prices are rising. Generally speaking, we have seen retail sales up. I expect the San Diego convention to be very productive. There is a lot of interest from food operators in shopping centers now. We saw that in Las Vegas, and I expect to see it again in San Diego. Restaurants bring more people to a center, and if you get the right mix, everything from fast casual to more fine dining, they increase center visits.
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