Word: retail
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Dates: during 2000-2009
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Still, real estate insiders are skeptical about whether ground zero's master plan--10 million sq. ft. of office space and 600,000 sq. ft. of retail--has allowed emotion to rule over pragmatism. "The market itself doesn't have a need for this much space," says Richard Leone, president of the Century Foundation and a former chairman of the Port Authority. "[This plan] is about making beautiful buildings...
Park OFFICE TOWERS The master plan calls for 10 million sq. ft. of office space, plus more for retail, in five buildings. One tower may instead become residential TIME Graphic by Joe Lertola
...mall, in Yaroslavl, which is about 240 km northeast of Moscow, and over the next two to three years he hopes to have outposts as far as Ufa and Yekaterinburg. Such expansion outside Moscow was unthinkable even a few years ago, but it's a sign of how Russian retailing has evolved over the past decade. Some new retailers are racing to create national chain stores for the first time - an ambitious goal given Russia's vast size, the poor state of its roads and railways and the complexity of dealing with local bureaucrats. In sectors ranging from pharmacies...
...perhaps a testimony to the success of lower Manhattan's rebuilding that the city is scrambling to provide infrastructure to match the huge growth. The area needs more retail stores and relief for crowded schools, and an overhaul of the subway and commuter-rail systems is moving slowly. "We have only one full-service hospital below 12th Street, and it has serious financial challenges," says Alan Gerson, a lower Manhattan city councilman. Of all the neighborhoods, Chinatown has shown the least improvement. The garment industry there never fully recovered, existing zoning laws inhibit residential development, and the area is struggling...
...signs of prosperity to the long-suffering hinterland. Although the distribution of wealth is far from egalitarian--the rich are getting a lot richer, corruption is endemic, and millions continue to struggle--the good life is in reach for more Russians than ever before. Victoria Grankina, a Moscow-based retail expert, estimates that 30% of the population lives "fairly comfortably" on monthly incomes averaging $1,000 for a family of four. The number of mobile phones has soared from 12 for every 100 Russians in 2002 to 88 today. Sales of new foreign cars jumped 60% last year. The poverty...