ICSC Supports E-Fairness Regulations

Since 1974, entrepreneur Elliot Feuerstein has served as an officer of the San Diego, CA-based Mira Mesa Shopping Center. In addition to developing commercial properties for some of the biggest retailers and fast food franchises, Elliot Feuerstein is an active member of the International Council of Shopping Centers (ICSC), which advocates for E-Fairness legislation. 

Because of a precedent set in 1967, until recently, online companies were not considered liable for sales tax since they did not meet the standard of physical presence. However, local brick-and-mortar retailers determined that this gave online stores an unfair advantage. Additionally, this caused states that levy sales taxes to lose tens of billions of dollars in revenue, which was projected to reach $211 billion in uncollected taxes by 2022. 

In 2018, the United States Supreme Court weighed in on the case of South Dakota v. Wayfair and voted in favor of reversing the 1967 ruling. Since the decision, 32 states have begun passing legislation that requires remote and online retailers that sell a significant number of goods across state lines to pay sales tax.

ICSC Says Malls Still Have a Future

For more than four decades Elliot Feuerstein has served as an officer of Mira Mesa Shopping Center, where he has primarily been responsible for overseeing a number of San Diego, CA, area shopping centers. Active in his industry outside of his everyday professional work, Elliot Feuerstein is a longtime member of the International Council of Shopping Centers (ICSC).

The ICSC recently released a report dispelling the myth that retail shopping centers have lost the ability to attract and maintain loyal customers, especially among younger demographics. Over a three-month period earlier this year, more than 160 million Americans visited shopping malls, with more than a third of that figure (60 million) consisting of millennial shoppers. Additionally, 61 percent of surveyed adults say they plan to continue visiting brick-and-mortar storefronts to conduct the bulk of their shopping. 

According to ICSC President and CEO Tom McGee, these figures and other key data points show that, while some malls may be closing, the notion that the entire concept of the mall is going by the wayside is unfounded. As shopping trends among consumers evolve, the malls that evolve with them are proving that they can still capture strong retail traffic.