Survey: Shopping Centers Generate Annual Sales of $554 Billion
LAS VEGAS, Nev. (AP) _ America’s shopping centers are generating $554 billion in annual retail sales, according to a new survey released by the International Council of Shopping Centers.
The ICSC, meeting in Las Vegas through Friday, reports that 94 percent of American adults visit shopping centers each month.
The $554 billion in annual retail sales represents 54 percent of the nation’s total non-automotive sales, the group stated.
Don Pendley, a spokesman for the group, said the sales figures included centers ranging from major shopping malls to smaller neighborhood strip centers.
John Riordan, ICSC executive vice president, said Monday that the shopping center industry now had some 28,500 centers offering 3.7 billion square feet of leasable space.
California leads the nation with 3,320 centers, the ICSC report shows, while South Dakota has the fewest, with 30.
California also leads in retail sales at shopping centers, with $62.7 billion. Texas is second, with $45.5 billion in shopping center retail sales.
Shopping centers produce more than $20.3 billion in state sales tax revenue, according to the ICSC study. More than 10 percent of that figure, $2.2 billion, is generated in California.
Nationwide, 6.9 million people are employed in shopping centers, or about 7 percent of the non-agricultural U.S. employment, the group stated.
Shopping centers are continuing to provide a considerable impact on the construction industry, Riordan said, with work beginning on 2,040 new centers in 1986. The new centers account for $6.9 billion in construction contracts and 130,000 new jobs, the ICSC study says. The new centers will contain 138.7 million square feet of leasable space.
The ICSC convention was expected to draw 22,000 participants before it closes Friday. ICSC members include more than 20,000 shopping center developers, managers, retailers, marketing personnel and architects.