Despite deflated holiday sales nationwide, large-scale Pacific regional shopping centers are continuing their development and expansion plans into 2009. However, the crunch is still closing down commercial projects in Houston.
As consumers spent less on holiday shopping, the retail industry capped 2008 with a depressed ending, as Black Friday sales promotions were unable to give it a much-needed lift. Pacific Coast Business interviews shopping center executives about the state of their expansion plans.
The Houston Chronicle reports, however, the list grows longer of projects on hold or abandoned for lack of financing. In the past few months, at least six multimillion-dollar commercial real estate projects have been put on hold or canceled, and the fates of others are far from certain, amid the national recession and widespread credit crunch.
“There’s just no financing out there,” said Martin Bronstein, chairman of Situs Cos., a Houston-based commercial real estate firm.