"The next two years will be problems for some, opportunities for others," said session co-chairman Martin Mayer, president and CEO of Stirling Properties, based in Covington, LA.
The industry is still fairly early into the retail shakeout, as consumers are just beginning to change their shopping habits, said Kenneth Bernstein, president of Acadia Realty Trust, based in White Plains, NY. More retailer bankruptcies will follow, with a consequent rise in store closings. Mayer noted that ICSC has predicted 6,000 stores will go dark in 2008, the highest number since 2001. But that isn't the real problem.
"[The challenge] is being able to fill vacant spaces," said Richard Tucker, president and CEO of Tucker Development Corp., based in Highland Park, IL. "Fewer tenants are expanding."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.