This slowdown in leasing activity, together with an announcement that clothing retailer The Limited is looking to sell its women's clothing retailer Lane Bryant, has led Lehman Brothers analysts to strengthen their belief that regional mall REITs will underperform commercial and apartments REITs through 2001.
The analysts cite GAP CFO Heidi Kuntz's remarks in a recent conference call that opening 2001 estimates "assume a certain number of deals fall out [and] should this rate be higher than anticipated we will not aggressively try to pursue other locations in 2001, which would then result in fewer store openings." During that call, the company also stated it will concentrate on building 4,700-sf stores for the Gap Domestic brand, as opposed to its current average 5,800 sf outlet.
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