Word: sq
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Dates: during 2000-2009
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Beijing's golden resources mall ought to be a shopper's paradise. Built on the city's outskirts in 2004, the Art Deco-style center boasts a staggering 6 million sq. ft. (560,000 sq m) of retail space, making it the world's second largest mall, 30% bigger than Minnesota's famed Mall of America, once the largest. Golden Resources accommodates more than 1,000 shops, dozens of restaurants, 230 escalators and an ice-skating rink. On its five floors, you can buy everything from fur coats to exercise equipment to pet supplies...
...totaled $800 billion, during China's recent construction boom far more retail space has been added than the market can absorb. More than 500 new malls have been built since 2002 and at least 100 more are expected to open this year, adding a total of about 320 million sq. ft. (30 million sq m) of new retail space-16 times Manhattan's total. "It's a huge supply in any market," says Morgan Parker, the Hong Kong-based president of Taubman Asia, a subsidiary of U.S. real estate developer Taubman Centers...
...Great Wall, is a crowded country where bigger is usually viewed as better, so it's no surprise that retail-property developers seem to be trying to outdo each other with giant construction projects. The mainland already hosts the world's largest shopping center, the 7 million sq. ft. (650,000 sq m) South China Mall in the southern manufacturing city of Dongguan. Like Golden Resources, South China Mall suffers from a dearth of stores and shoppers. Yet more megamalls are on the way. By 2010, China expects to be home to seven of the world's 10 largest shopping...
...getting better," he says. It's hard to imagine things getting worse. As a mall security guard dryly observes: "On weekdays we have so few cars, this must be the best parking lot in Beijing." Unfortunately for the builders, it's a parking lot attached to 6 million sq. ft. of unloved retail space...
...North Pole isn't the only prize in the eyes of the resurgent Russian empire - Moscow is also looking to restore control over a 47,000 sq. km (18,000 sq. mile) piece of the Bering Sea separating Alaska from Russian Chukotka. The territory was ceded to the U.S. in 1990 under the U.S.-Soviet Maritime Boundary Agreement signed by Secretary of State James Baker and Soviet Foreign Minister Eduard Shevardnadze. While the deal may have helped ease Cold War tensions, anti-reform Soviet hard-liners always opposed giving up a piece of territory rich in sea life and hydrocarbon...