SHANGHAI -- The International Council of Shopping Centers (ICSC) will hold a world summit in Shanghai on September 12 next year to discuss the role the retail real estate will play in communities and economies.

The summit, held once every five years, will probe into the opportunity to implement positive changes in the years to come, said Michael Kercheval, president of chief executive officer of ICSC, at ICSC Recon Asia which closed at the Shanghai International Exhibition Center on Friday.

Retail property development opens the door to a variety of benefits to local communities, including creating jobs and providing much needed sales tax revenues, Kercheval said.

"It's important for the industry to gather every few years to take stock of how retail real estate has become a catalyst for continued growth on both a social and economic level," he said.

"By identifying the proper roles for the industry we can maximize its growth potential and, ultimately, its reach."

Due to its rapid development over the past two decades, Shanghai has once again become a leading global city. Its significant influence in commerce, culture, finance, media, fashion, technology and transport makes it an ideal spot for the World Summit.

The three-day event will have attendees from over 40?economies in conjunction with 2012 ICSC Recon Asia.

The 2012 World Summit's Exhibition is one of the event's many highlights. Featuring a full day of deal making, it will offer attendees the chance to discuss business opportunities throughout the world. Additionally, it will include over 60 booths, showcasing the most important companies around the world, said Jorge Lizan, staff vice president of ICSC Business Development.

Another significant attraction that will be featured in the summit is a tour of shopping centers in Shanghai, Lizan said.

"Hitting four local shopping centers, the study tour will provide participants with exposure to fresh ideas and innovations that could potentially be implemented into their own centers," he said.