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1..�'' Y�U �IAVE A BAl\TI� O�' �LVES
<br />ANI� A I,A1�J[P ��,1�C�O1�,Y 7c�IIS IS A
<br />�'IN� I.�IC��T7CI1\TG SY�'�E11� . . . ��'PI'
<br />IF Y��3' �ON'T XC�►►U A�,� �P��TDI�T�
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<br />pESIGNERS OF AMERICA'S MOST DISTINCTIVE OUTOOOR LIG4TING ,
<br />1 �1
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<br />�a i -ssno
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<br />N, Y., ��f(Qlo
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<br />ORE., Patland
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<br />BE 2-8345
<br />en., Pfvladelphiu
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<br />�.Q %���2�
<br />Narislown
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<br />SHOPPING CENTER AGE', JUNE 1963
<br />►
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<br />�► '
<br />T�IE �JE�C�PPING �ENTER "�A��' �
<br />�i 11=�.�� ��1�'�
<br />E�iitorial � Reporters and editors are always looking for a"Ie�d'' whea they sit down
<br />to write an article. The "lead" is supposed to say somethxng reasonably startling
<br />so that the reader will read further.
<br />They can't really be blamed for looking for an "an�le" or a"hook.'' That's
<br />the way newspapers and magazines have been published sinc� th� inventiort of
<br />printing. The first caveman to doodle on the walls of his �esidence probably
<br />selected as a"lead" for his picture-newspaper the masi d�ram:tti� event he could
<br />record. With true economy of line, he told his story, but k:is limited facilities
<br />dida't permit him to fill in all the ifs, ands and buts.
<br />All this is�by way of introduction to the Fact (that everyt�ody in the shopping
<br />center industry already knows) that The Wnll St�•eet JourrTal has "discovered"
<br />that "shopping center development is beginning to lag after more than a decade
<br />of explosive growth." The r�porter found a gaod "lead" for his story—but �.�n-
<br />fortunately he was shor � on facts.
<br />Naively comparing a predicted 800 new centers for 1963 with a reported
<br />1,Q00 new centers in 1962, he concluded that "that's down 20 per cent." The
<br />fact is that the 800 centers predicted for 1963 do not include some 2�0 very
<br />small ceriters, and that the 1,000 new centers opened in 1962 do include about
<br />200 very small centers. On that basis alone, a 20 per cent decrease is hard to
<br />complrte, 1et alone any comparison that might be made of total square footage
<br />f�r both years.
<br />In addition, however, a pilot study we made back in January revealed that
<br />of 229 centers studied—with a total of more than 29 million square feet of gross
<br />leasable retai! space—more than 3,0(10,000 square feet would bc added this year.
<br />That's m�re than 10 per cent of the lotal amount oE space already in place. Even
<br />if that ratio doesn't hold for zll the shopping centers in the United States and
<br />Canada, the chances are pretty good that close to 100 million square f.ee± will
<br />be added to exrsting centers this year. With new centers to be opened this year
<br />accounting for perhaps 125 million square feet, the net additional shopping center
<br />space may well turn out to be 225 million square feet. Something like $10
<br />billion in sales volume is needed to justify that additional space.
<br />Does that sound as though "shopping center development is beginning to lag
<br />after more than a decade of explosive growth"?
<br />� The unfortunate aspect of The Wull Street Journal article is that it accentuated
<br />the negative. Certainly the shopping center industry has its problems, and we
<br />have never attempted to gloss them over. Retailing has always been highly com-
<br />petitive. A� long as that continues to be true, shopping centers will compete with
<br />one another and with other retail establishments. And, as long as tl�at continues
<br />to be true, some are goin� to do better jobs than others.
<br />But to leap to the broad conclusion that the shopping center industry is slowing
<br />down to the point where an alarmist article is justified just doesn't square with
<br />the facts.
<br />We don't want to feud with Tlze Wnll Street Journal; after a11, we're in the
<br />business of trying to find interesting "leads" ourselves. But we do think that
<br />a respected business newspaper ought to make an ef�ort to find out why a minimum
<br />of some $3 billion dollars will be invested in building and equipping shopping
<br />centers this year alone.
<br />SFIOPPING CENTER AGE, JU1VE 1963
<br />EDI�'OR
<br />15
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