Michael DiCosola to succeed Paul McGinn as MarketPlace Development President

USA. Airport concessions programme developer and manager MarketPlace Development has named Michael DiCosola as its new President. Current President and Co-Founder Paul McGinn is to retire from the business on 31 March.

DiCosola is an executive with more than 30 years of experience in retail real estate and has worked for MarketPlace Development since 2001. He has been responsible for directing new business development, merchandising, leasing and strategic planning.

Boston-based MarketPlace Development, which is a division of New England Development, said DiCosola will continue to be involved with finance and acquisitions, along with project management.

New MarketPlace Development President Michael DiCosola (left) will succeed Paul McGinn at the end of this month

Prior to joining the company, he served as Vice President of Real Estate for Lids Corporation. There, he helped build a start-up company into a US$130 million multi-channel retail business where he managed the site selection, lease negotiations and construction throughout the US.

Earlier in his career, DiCosola held the position of Head of Real Estate at Sunglass Hut.

As President MarketPlace Development, the company said he will direct the development, management and leasing for all MarketPlace Development projects. They include airport concession programmes at Boston Logan International Airport, Philadelphia International Airport, Washington Dulles International Airport and Ronald Reagan Washington National Airport.

New England Development Chairman Stephen R. Karp said: “As a member of the original team that founded MarketPlace Development, Paul has been instrumental in the growth and success of the company and I am thankful for his longstanding leadership and commitment to MarketPlace.

MarketPlace Development runs concessions programmes at four major US airports

“Appreciating the history of our company, along with a strong vision of where we’re headed, and Michael’s extensive experience and background has provided him with the strategy, creativity and leadership skills to take on this new role.”

McGinn, who has served as MarketPlace Development President since 2003, will continue to support the business in an advisory capacity.

He said: “There is no one who knows the MarketPlace Development company and this industry better than Michael. His knowledge, experience and reputation in our industry is unparalleled.

“Since joining MarketPlace in 2001, he has been an integral part of our team. I am very confident Michael will do a terrific job of leading MarketPlace into the future.”

DiCosola said: “MarketPlace Development has shown incredible growth since its inception and continues to be at the forefront of providing airport passengers the premier experience through development projects and partnerships under Paul’s leadership.

“I am excited and look forward to leading the company with new opportunities in its next phase, focusing on the business at hand along with my extensive real estate background and our talented team. I know that we will maintain and achieve successful results.”

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