In an effort to promote additional economic development, enhance the local tax base, and create new jobs, representatives from the City of The Colony and Economic Development Corporation were among more than 1,000 public officials and 35,000 retail real estate professionals who traveled to Las Vegas this month to attend RECon, the global convention sponsored by the International Council of Shopping Centers (ICSC).
The three-day event featured educational sessions on retail and economic development issues, more than 1 million square-feet of exhibit space showcasing leading retailers, developers, leasing agents, brokers, public sector professionals, and industry product and service providers.
“RECon is a must-attend event if you are trying to create any type of retail real estate development in your community,” said Keri Samford, Director of The Colony’s Economic Development Corporation. “In just three days, we were able to meet with numerous shopping center developers, owners, and retailers to ensure that they are aware of the incredible opportunities in our community.”
According to ICSC, approximately 50 percent of all retail real estate industry deals are conceived of or consummated at RECon.
“Participating in RECon through the years has proven to be a very viable component of our comprehensive retail recruitment strategy,” added Samford. “Many of the retail projects now complete or underway in The Colony were sparked through our networking and one-on-one meetings at past RECon conferences, and interest in our community this year was extremely high.”
Shopping centers generate more than $2.5 trillion in retail sales annually in the U.S. and raise nearly $145 billion in sales tax revenue for state and local governments. In 2014, there were 12.7 million shopping center-related jobs in the U.S.
In Texas, shopping centers generate more than $ $236.5 billion in retail sales annually and raise nearly $14.8 billion in sales tax revenue for state and local governments. In 2014, there were 1 million shopping center-related jobs in Texas.