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Sunday, July 27, 2008

For Mall Owners: "An ebbing tide"

by Calculated Risk on 7/27/2008 04:00:00 PM

From the TimesUnion on upstate New York: An ebbing retail tide (hat tip Justin)

Consider, for a moment, some of the national chains that in recent months have closed stores, declared bankruptcy or gone out of business entirely: Linens 'n Things, Steve & Barry's, Sharper Image, Starbucks, CompUSA, The Disney Store, Wilson's Leather, Talbots, Ann Taylor, Bombay Co.
"It's not a very happy time to be building a new shopping center, that's for sure," said Jeffrey Pfeil, co-owner of J.W. Pfeil & Co. Inc. in Saratoga Springs, a company with a long history in retail and commercial leasing.
Justin noted that he spoke to Mr. Pfeil at the end of last year, and at that time he was still "quite optimistic on local real estate". Times have definitely changed for CRE -especially for mall owners.