Urban Development
There are two types of cities in the world today: one whose economic fortunes are largely tied to those of its country, and conversely, one whose economy operates largely independent of its home country and is more closely tied to the global marketplace. The latter type of city, the global gateway city (e.g. New York, San Francisco, London), is the type of city that Thor Equities largely focuses on. Tourism, emerging market wealth, government stimulus policies, and benefits of increased urbanization all work to give global gateway cities significant advantages over their more provincial counterparts.
“Whether it’s London, Mexico City, Sao Paolo, Istanbul—all these cities have one thing in common – they’re active, they’re dense, they’re busy.”
Joseph J. Sitt - CEO Thor Equities
Retailers are starting to catch on to this trend as well. For the first time in a generation, high-profile retail chains are eager to open new stores in prime urban marketplaces. These retailers have discovered that their urban stores have the highest sales per square foot and are among their most profitable. However, many of these companies are accustomed to real estate that meets certain standards of appearance and management typically hard to find in urban areas. At the same time, urban consumers are increasingly demanding higher-quality shopping environments, yet these venues remain rare in urban areas.
Thor Equities aims to sit at the nexus of this opportunity, providing an attractive, well-maintained product at a level traditionally only found in less dense, suburban locales. Thor leverages its uniquely positioned to acquire and manage urban retail venues that meet and exceed both the needs of the consumer and tenant. Examples of brand name retailers that Thor partners with include Forever 21, Old Navy, Gap, Target and J.C. Penney.
Every Thor development is created with the objective of reinvigorating communities, providing opportunities for both residents and business owners. By listening to and spending time with local leaders and residents, Thor Equities is able to create a finished product tailored to the unique characteristics of each community that not only benefits its tenants, but also provides much needed employment opportunities in the construction, hospitality, office, and retail sectors, all of which combine to promote the community’s economic strength.
