DDR Expands Set Up Shop -- Small Business Incubation Program Launches in New York and Pennsylvania
BEACHWOOD, Ohio, Sept. 18, 2012 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced the expansion of Set Up Shop to 15 shopping centers in New York and Pennsylvania. Set Up Shop, a small business incubation program, was launched earlier this year at 48 of the company's shopping centers in Georgia and Florida.
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. To date, over 30 entrepreneurs have qualified for the program, representing a variety of merchants, such as fitness studios, music stores, restaurants, tax preparation services, barbershops, salons, dance studios, cafes, sporting goods stores, and apparel and accessories stores.
"Set Up Shop has become a proven resource for fostering the growth of small business," said Paul Freddo, senior executive vice president of leasing and development for DDR. "The program allows DDR to reduce asset level expenses, increase recovery rates and operating income, while providing communities with a fresh and diverse mix of locally owned businesses to shop."
This recent expansion of the Set Up Shop program includes specific shopping centers located in Pennsylvania and upstate New York. DDR will continue its partnership with SCORE, a national nonprofit association dedicated to educating entrepreneurs, to serve as a resource for Set Up Shop tenants in New York and Pennsylvania. SCORE's network of experienced volunteers will be available for free and confidential business consulting services for qualified Set Up Shop retailers.
DDR is an owner and manager of 459 value-oriented shopping centers representing 117 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.
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 buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; 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, as amended. 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.