WDCEP Showcases DC Retail Opportunities at ICSC Mid-Atlantic
Last month, the WDCEP showcased the DC development market and available retail opportunities at the International Council of Shopping Centers’ (ICSC) Mid-Atlantic Conference and Deal Making, held at the Gaylord National Resort & Convention Center. ICSC conferences are key venues where the WDCEP attract retailers and restaurants to the available retail spaces in DC.
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Over the past 15 years, billions of dollars in investments in DC’s downtown and waterfront areas has attracted new retail, restaurants and entertainment establishments, resulting in national recognition of DC as a top retail investment market in the nation. DC has become a major hotspot for retail investment due to its high population growth rate and an estimated annual retail leakage of $1 billion. Since 2001, investors and developers have responded by building 5.4 million square feet of retail space with another 1.4 square feet under construction as of the end of 2012.
During the Deal Making portion of the conference, the WDCEP held 13 meetings with national and regional retailers and 10 meetings with prominent retail brokers that represented a diverse group of businesses and franchise opportunities.
The District government and the WDCEP’s attendance at nation-wide ICSC conferences for the past 15 years have led to deals that landed many of the popular retailers and restaurants seen in the District today. Increasing the number of retail and restaurant establishments provides more options to District residents and tourists alike, while also increasing the District’s taxable retail and restaurant sales. In May, the WDCEP will be leading the DC delegation to the 2013 ICSC RECon, a global retail real estate convention at the Las Vegas Convention Center, which attracts 35,000+ retail and real estate professionals.