ICSC to acquire Value Retail News; related pact with outlet developers, manufacturers reached.NEW YORK--(BUSINESS WIRE)--Dec. 7, 1995--The International Council of Shopping Centers The International Council of Shopping Centers (ICSC) is an international trade association of the shopping center industry. The organization, founded in 1957, has 65,000 members worldwide, which include shopping center owners, developers and managers, as well as other individuals, (ICSC ICSC International Council of Shopping Centers ICSC International Chemical Safety Cards ICSC International Civil Service Commission ICSC International Council of Shopping Centres ICSC International Catholic Stewardship Council ) and Value Retail News (VRN VRN Verkehrsverbund Rhein-Neckar VRN Vehicle Registration Number VRN Verona, Italy - Verona (Airport Code) VRN Value Retail News (magazine) VRN Video-Rich Navigation ) today announced an agreement in principle for ICSC to purchase the assets and business of VRN. In a separate but related long-term deal, Developers of Outlet Centers (DOC) and Manufacturers' Idea Exchange (MIE) appointed ICSC as their exclusive agent for conventions and announced that Value Retail News would serve as the official voice of the outlet industry. VRN had provided somewhat similar services to these associations in the past. Terms of the deals were not disclosed. The parties are hopeful that the agreement will be finalized See finalization. in early 1996. ICSC is the worldwide trade association of the shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into industry. DOC and MIE are similar not-for-profit organizations focusing on factory outlet centers. "Outlet centers have a specific and distinct role among the several types of shopping centers in operation today," said John T. Riordan, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ICSC. "We expect to be able to offer to this industry sector the professional expertise of ICSC in meeting planning, education, research, publications and government affairs but to do so in conjunction with DOC and MIE in a way that recognizes the essential characteristics that differentiate outlet retailing from other forms. Consequently, it is ICSC's plan to continue the operations of Value Retail News from its Clearwater, Fla. base as a largely distinct effort." Value Retail News is the brainchild brain·child n. An original idea or plan attributed to a person or group. brainchild Noun Informal an idea or plan produced by creative thought Noun 1. of publisher Terry Dunham, who established the magazine in 1983. "ICSC is the ideal and logical home for VRN," Dunham said in announcing the proposed sale. "I'm delighted by the arrangements that are being made and believe that the benefits to all parties will be many and evident. I'm also pleased to be continuing in an advisory role with ICSC on value retailing and other subjects for a number of years ahead." Cammack Morton, president of DOC, said the agreement with ICSC "comes at exactly the right time. It ensures continuity and the chance for new and improved services of the kind for which ICSC is renowned while maintaining the unique role that outlet centers play in the overall retailing scene." Tom Davis, chairman of MIE, stated, "The Board of Directors of MIE welcome the news of this purchase and fully endorse it." Founded in 1957 and based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , ICSC is the not-for-profit trade association of the shopping center industry. ICSC serves its 30,000 in 60 countries by assisting in the development of their businesses through professional education, conferences and conventions, publications, research and legislative action. The 40,000 shopping centers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. account for more than half of all non-automotive retail sales, about $880 billion. Factory outlet centers are one of of the fastest-growing segments of retailing. VRN estimates that 330 outlet centers in the United States account for more than $12 billion in annual sales, up from $6.3 billion in 1990. CONTACT: International Council of Shopping Centers Mark J. Schoifet, 212/421-8181 ext. 344 |
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