23.04.2009: Alexander Otto at the shopping center summit in Barcelona
Crisis is a chance for cities and developers:
Otto calls on industry to concentrate on inner city shopping-centers
Today at the European Conference of the International Council of Shopping Centers (ICSC) in Barcelona, ECE CEO Alexander Otto called on his industry colleagues to develop high-quality, well-integrated shopping centers in the inner cities, particularly in these times of financial crisis.
Shopping centers support the renaissance of the city centers
"The shopping center industry now has the chance to create a win-win situation together with the cities,” said Otto. "Integrated shopping centers in top inner city locations can support the current renaissance of the city centers and in return profit from this trend. In this way, we as center developers and operators can do justice to our responsibility both vis-à-vis society and towards our stakeholders. I strongly believe that long term success for shopping centers is only possible in an equally successful urban environment."
Germany as a role model
Otto said that the financial crisis has put the uncontrolled expansion of non-integrated “green field” shopping centers on hold for the time being. This gives the industry time to develop sustainable concepts for prime inner city locations that also bring the greatest benefit to the cities themselves. He added that many speculative construction projects in European cities have collapsed. "With land prices falling, attractive city center sites will once again become available for modern retail projects in many countries,” said Otto. With an eye to many of the Central and Eastern European markets, he stressed the importance of Germany as an example of how projects of this type have already been successful.
