Inflation, politics, interest rates, immigration and warfare in the Middle East and Ukraine are all dragging down consumer confidence, yet amid it all, U.S. shopping centers are holding up.Las Vegas. Running from Saturday through Wednesday, the event is a massive gathering of real estate executives, retailers, brands, consultants and industry experts examining projects in the works or planned for the future, negotiating leases, networking, brainstorming, and casino-hopping.
“Oddly enough, consumers are still spending despite higher interest rates and the higher cost of goods,” she added. Among ICSC members, the general consensus is “positive, despite the inflationary environment and higher interest rates,” Cegielski said. Simon plans to further invest in The Galleria in Houston with an interior and exterior revitalization. The real estate investment trust indicated that to date, it has invested several hundred million dollars in the redevelopment of the property.
In any presidential election year, conversations center around how consumer sentiment and spending are being impacted by the politics. According to Cegielski, it’s a nonfactor. It doesn’t impact spending at all. Asked how AI relates to shopping centers, Cegielski replied, “The biggest use today is around marketing and promotion. That said, AI is a very broad topic and it’s a very new topic.” The industry hasn’t quite figured it out yet, she noted.
Keynoting the conference is Nick Saban, the sportscaster and former head coach of the Miami Dolphins, and former coach at Louisiana State University, Michigan State University, the University of Toledo, and the University of Alabama.
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