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Green Shoots for Retail at Taubman

Green Shoots for Retail at Taubman

Green Shoots for Retail at Taubman
April 27
22:29 2018
Booking.com



Springtime might finally be coming to the mall.
Or at least the top-tier A malls.
Robert Taubman, chairman, chief executive officer and president of Taubman Centers Inc., said tenant sales per square foot rose 12.4 percent in the first quarter and 13.4 percent on a net operating income-weighted basis. (Sales for the trailing 12 months tallied $837 a square foot, up 5 percent to a record high).
“These results were materially different than what we’ve seen the last couple of years,” Taubman told analysts Friday. “In fact, this is the best quarterly sales results since the first quarter of 2012.…Sales growth was very broad-based, with almost every one of our centers up. Sales in our assets from Florida to Hawaii were strong across the board.”
Sales of apparel, the landlord’s largest category, were up 10 percent, while women’s shoes shot ahead 20 percent.
Luxury also continued to show strong momentum, with Taubman singling out brands such as Gucci, Tiffany and Dolce & Gabbana. But he also pointed to a “notable rebound in unisex apparel” from Banana Republic, Abercrombie & Fitch Co., Uniqlo Co. Ltd., Gap Inc., Eddie Bauer, Ralph Lauren Corp. and Aéropostale Inc.
“All in all, we’re delighted with our results this quarter,” he said.

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