General Growth has had a presence in Brazil for a while. Now it's looking to get even more aggressive there--where economic growth is expected to remain robust compared to the U.S.--while slowing its development in the U.S.
General Growth Properties Inc., the nation's second-largest owner of malls, will delay the redevelopment of malls at home and expand in Brazil to cope with slowing U.S. retail sales, Chief Executive John Bucksbaum said Tuesday.
"Difficult times call for difficult decisions, and we are not afraid to make them," Bucksbaum, who also is chairman of the Chicago-based company, said Tuesday during a call with analysts and investors a day after the firm announced fourth-quarter earnings. "The world we live in now has changed dramatically from just six months ago."