Baltimore Sun: Sales of Luxury Goods Are Up After Recession
In a recent Baltimore Sun article analyzing the increase in sales surrounding luxury items, TD&A Principal Rene F. Daniel was featured when discussing why many luxury retailers are now choosing to expand their brand to include stores at major shopping centers instead of at smaller, more local locations:
Locally, Towson Town Center has had success attracting high-end stores in part because the owner, General Growth Properties, manages many shopping centers and can work out leasing deals across several outlets, said Rene F. Daniel, a principal with commercial real estate brokerage Trout Daniel & Associates in Baltimore.
General Growth has 135 malls nationwide, including Mondawmin Mall in Northwest Baltimore and Harborplace and The Gallery at the Inner Harbor. Along with Towson Town Center, its luxury malls include Tysons Galleria in Northern Virginia, Glendale Galleria in Los Angeles and Water Tower Place in Chicago.
Leveraging multiple markets gives malls such as Towson Town Center an advantage over smaller shopping center companies and downtown rentals that are run by local companies, Daniel said. Harbor East, for instance, might have more difficulty drawing luxury brands because the buildings’ owners do not offer a national presence, he said.
To read the complete Baltimore Sun article published on June 22, 2012, click here.