Dale Clark, retail and consumer practice leader for Russia at PriceWaterhouseCoopers, said every international company he works with is interested in Russia. France's Carrefour made a high-profile exit from the market recently, but other major retailers view Russia with confidence. "With a 140 million population, it's the largest market and still has low saturation of modern retail. As a result, it is still a very attractive market for international consumer products producers," Clark said.
Owners MGM Mirage and Dubai World unveiled Crystals mall, the luxury retail segment of its $8.5 billion CityCenter development in Las Vegas. The mall includes retailers such as Tiffany and Louis Vuitton.
Though the luxury segment continues to struggle, jewelry sales surged in November, found SpendingPulse. Overall, holiday sales "will come in better than generally expected," said ICSC chief economist Michael Niemira.
The write-downs on banks' commercial real estate loans are far from finished, analysts said. Banks in the U.S. will take an additional $336 billion of write-downs through the end of 2010, Moody's said, and commercial-property loans will account for about 23% of that total. Commercial losses haven't been as fully recognized as residential losses because commercial-loan portfolios are hit later in a downturn than residential.
As U.K. ministers consider a clampdown on the opening of new stores, Tesco has lodged almost twice as many planning applications as its two biggest competitors combined. Tesco has lodged about 76 planning applications for everything from convenience stores to hypermarkets, with most being for larger stores.