BEACHWOOD, Ohio, April 17, 2012 /PRNewswire/ -- DDR Corp. (NYSE:
DDR) today announced that it has expanded its leasing program for
small businesses, Set Up Shop. DDR piloted Set Up Shop in
Atlanta, Georgia in early 2012 and
based on the results of the Atlanta initiative, the program has been
expanded to 24 of the company's shopping centers in Florida, with an emphasis on the central
Florida markets of Tampa and Orlando.
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Set Up Shop is a creative approach to small-shop leasing in
which qualified entrepreneurs receive flexible terms designed to
limit some of the barriers associated with starting a business. The
program allows DDR to reduce asset level expenses, increase
recovery rates and operating income, while at the same time
enhancing the merchandise mix of its assets with local
businesses.
"Set Up Shop is an aggressive initiative to generate activity in
targeted small-shop units in the DDR portfolio without putting
capital at risk," said Paul Freddo,
senior executive vice president of leasing and development for DDR.
"Of the 100 units allocated to this program in Atlanta, we have generated hundreds of leads,
ten fully-executed leases and a dozen others in various stages of
negotiation in just two months. Examples of product type in the Set
Up Shop spaces include consumer services, exercise facilities and
clothing and accessory merchants."
Just as the company did in Atlanta, DDR intends to partner with SCORE, a
national nonprofit association dedicated to educating
entrepreneurs, to serve as a resource for Set Up Shop tenants in
Florida. SCORE's network of
experienced volunteers will be available for free and confidential
business consulting services to these retailers.
To learn more about Set Up Shop visit www.ddr.com/SetUpShop, the
Facebook page www.facebook.com/SetUpShop or follow Set Up Shop on
Twitter at @SetUpShopFL.
About DDR
DDR is an owner and manager of 481 value-oriented shopping
centers representing 123 million square feet in 39 states,
Puerto Rico and Brazil. The company's assets are concentrated
in high barrier-to-entry markets with stable populations and high
growth potential and its portfolio is actively managed to create
long-term shareholder value. DDR is a self-administered and
self-managed REIT operating as a fully integrated real estate
company, and is publicly traded on the New York Stock Exchange
under the ticker symbol DDR. Additional information about the
company is available at www.ddr.com.
Safe Harbor
DDR considers portions of the information in this press release
to be forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, both as amended, with
respect to the Company's expectation for future periods. Although
the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
it can give no assurance that its expectations will be achieved.
For this purpose, any statements contained herein that are not
historical fact may be deemed to be forward-looking statements.
There are a number of important factors that could cause our
results to differ materially from those indicated by such
forward-looking statements, including, among other factors, local
conditions such as oversupply of space or a reduction in demand for
real estate in the area; competition from other available space;
dependence on rental income from real property; the loss of,
significant downsizing of or bankruptcy of a major tenant;
constructing properties or expansions that produce a desired yield
on investment; our ability to renew or enter into new leases at
favorable rates; our ability to buy or sell assets on commercially
reasonable terms; our ability to complete acquisitions or
dispositions of assets under contract, including the properties in
the EDT Retail Portfolio; our ability to secure equity or debt
financing on commercially acceptable terms or at all; our ability
to enter into definitive agreements with regard to our financing
and joint venture arrangements or our failure to satisfy conditions
to the completion of these arrangements and the success of our
capital recycling strategy. For additional factors that could cause
the results of the Company to differ materially from those
indicated in the forward-looking statements, please refer to the
Company's Form 10-K for the year ended December 31, 2011. The
Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
SOURCE DDR Corp.