Reading this on a mobile device? Try our optimized mobile version here: http://r.smartbrief.com/resp/emoLCfbwocfDutkFyMCz

March 6, 2013   Top Story    How to build a world-class shopping mall Bal Harbour Shops in Miami Beach, Fla., is the world's most lucrative shopping mall, netting $2,730 per square foot last year, or more than six times better than the U.S. average. That's largely due to the efforts of founder Stanley Whitman, who built the mall from scratch, bucked conventional wisdom and, at 94, still works three days a week. "I'm firmly convinced we will remain No. 1 in the world," he says. The Miami Herald (free registration) (3/3) Competitive bidding and higher execution Auction.com online marketplace delivers a transparent playing field, attracting local buyers, global buyers and everyone in between. The results are quicker, more certain outcomes, and ultimately, better execution. See more about the auctions and view licensing information here.   Industry Tracker  Value Retail maps luxury outlet mall expansion Outlet mall developer Value Retail will invest $650 million to open centers in China and Europe in the next few years, buoyed by success at existing malls where stores sell year-old luxury labels with discounts starting at 60%. Bloomberg (3/5) Philadelphia's Red Lion Plaza trades for $32M A 229,204-square foot retail center in Philadelphia traded for $32 million. The sale of the property, Red Lion Plaza, is one of the city's largest retail deals since 2006. It is 95% occupied. American City Business Journals/Philadelphia (3/5) Out-of-town investors nab Cincinnati area retail assets Out-of-town investors have acquired two suburban retail centers in the Cincinnati area. The properties, Kings Mall in Deerfield Township and Eastgate Square Shopping Center in Clermont County sold for $7.9 million and $7.4 million, respectively. American City Business Journals/Cincinnati (3/4) Neiman Marcus, Saks among retailers in new Chicago outlet mall Bloomingdale's, Neiman Marcus and Saks have all signed on to open outlet stores at Fashion Outlets of Chicago, a mall that will open in August near O'Hare International Airport. The 530,000-square-foot space will be home to more than 100 tenants, including Banana Republic, Barneys New York, J.Crew, Michael Kors and Gucci. Crain's Chicago Business (3/3)   Retail News  Wal-Mart to open 115 more small-format outlets Wal-Mart is pleased with the performance of a new set of stores under 60,000 square feet -- a smaller format where location rules, says Bill Simon, chief of Wal-Mart's U.S. division. The retail giant hopes to open 115 more this fiscal year. "We can deliver price, and assortment and fresh food and Rx," says Simon. The Wall Street Journal (3/5) NAR figures show retail real estate is improving The National Association of Realtors paints a picture of improving retail real estate markets. It forecasts vacancy rates will drop to 10.4% by first quarter of 2014, from the 10.7% in Q1 2013. It also forecasts that retail rents will rise 1.5% this year and 2.1% in 2013. SCT Newswire (3/5) Luxury designers go global for growth Luxury fashion houses Chanel and Valentino are finding new fans through global expansion, as demand grows along with wealth in Asia, Russia and the Middle East. Reuters (3/5) Target debuts first 3 Canada stores Target was set to open its first three stores in Canada today, and said it will have 24 up and running in Ontario by the end of the month and 124 by the holidays. The company is betting that features from cart wipes to color-coded aisles that make toy shopping easier will help it woo Canadian shoppers from rival retailers. Reuters (3/4), The Globe and Mail (Toronto) (tiered subscription model) (3/4)   Business Best Practices  Why you should care about your grammar A small sampling of LinkedIn profiles found a correlation between the number of grammar errors people had and the number of promotions they had received, writes Brad Hoover, CEO of Grammarly. "[T]his data set clearly supports the hypothesis that good grammar is a predictor of professional success," he writes. Harvard Business Review online/HBR Blog Network (3/4)   News from ICSC  Foundation seeking nominees for Fiala Fellowship ICSC is now accepting nominations for the next Fiala Fellow. Launched in 2010, the ICSC Foundation Fiala Fellowship program annually recognizes an outstanding professional 35 or younger who personifies Mary Lou Fiala's passion and commitment to retail real estate, and has the potential to make a lasting contribution to the industry. Fiala Fellowship Candidates are evaluated on the basis of professional excellence and active commitment to helping others through service in their communities, profession or fields of research. Learn more. Learn more about ICSC -> Join ICSC  |  Upcoming Events  |  Regulatory News  |  EconStats  |  Shopping Centers Today   SmartQuote  The world is much more interesting than any one discipline." --Edward Tufte, American statistician and professor     Subscriber Tools       Print friendly format | Web version | Search past news | Archive | Privacy policy Advertise Associate Publisher:  Kathy Dowdy 469-305-7122 Download Media Kit   Read more at SmartBrief.com A powerful website for SmartBrief readers including: Industry Home Readers' Choice Search Archive Get this RSS Feed Publish your Press Release Download a SmartBrief Mobile app today       Recent ICSC SmartBrief Issues: Monday, March 04, 2013 Friday, March 01, 2013 Wednesday, February 27, 2013 Monday, February 25, 2013 Friday, February 22, 2013     Lead Editor:  Liz DeHoff       Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004     © 1999-2013 SmartBrief, Inc.® Legal Information