European ICSC retailers in sombre mood

The mood at the European Conference of the International Council of Shopping Centers in Barcelona 10 days ago was sombre, with much talk about how to bridge the time until financial markets, and hence real estate markets, revive, which some put at 2011. "We are looking at ways just to make money to keep our people together to bridge the gap to 2011," one attendee said. "We are doing things that aren't our core business." Alexander Otto, CEO of German shopping centre developer ECE, noted that a sharp drop in conference attendance also reflects the industry mood. ICSC European MD Ermine Amies told PIE, "Delegates attending this conference have a lot on their minds. Developers, retailers and investors are operating under very difficult financial circumstances. The situation varies across the region - but the current downturn is undeniably longer and deeper than we have seen for decades."