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...expectations," Parker says. "China's most important cities are literally littered with spaces that are dark and underperforming." Statistics detailing nationwide vacancy rates for retail centers are hard to find, but in the economic powerhouses of Beijing and Shanghai, rates hover around 8%, according to real estate firm Jones Lang LaSalle. That's twice as high as rates in the strongest U.S. markets; in Singapore, less than 2% of retail space lacks tenants...
...investors, builders have little incentive to pick tenants carefully-and no incentive to ensure the facility is properly managed for the long haul. "If there's any empty stall when it comes close to time to open, all planning goes out the window," says David Hand, head of Jones Lang LaSalle's Beijing office, who estimates 95% of malls opened in China over the next five years will fail...
...metaphors to describe the brutality of the Scottish seaside course. When the British Open was last contested at Carnoustie in 1999, the world's top players muttered and clutched their heads like traumatized veterans. In a book about 21st century warfare published in 2002, Scottish author Gordon Lang coined the term Carnoustie Effect to describe the "psychic shock experienced on collision with reality by those whose expectations are founded on false assumptions...
...decision any mall owner makes lightly. Teens may shell out a lot less per visit compared with older customers, but nobody wants to alienate tomorrow's big spenders. David Renninger, a client-relationship executive at Jones Lang LaSalle, the largest third-party manager of shopping centers in the U.S., stresses that teens remain sought-after customers even in places with curfews. "We just want them to be supervised by a parent," he says. But while escort policies may restore a mall's family-friendly image--Renninger says some tenants at Genesee Valley Center in Flint, Mich., have reported double-digit...
Near Eastern Lang...