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Panel: Retailers Face Mall Trouble, European Hope

NEW YORK CITY-At a retail real estate roundtable, a panel of experts addressed the growing markets overseas as positives and troubled malls locally as negatives.

By Ryan Clark | Updated on June 25, 2009

NEW YORK CITY-At a retail real estate roundtable, hosted by Berns Communications Group, three retail experts gathered and recounted some of the challenges and possibilities that await retail’s future. Michael Burden, principal of Excess Space Retail services, Laura Pomerantz, principal of PBS Real Estate and Jim Schaye, president and CEO of Hudson Capital Partners brought their knowledge to the table on Park Avenue examining the future of malls, the European invasion and store closures.

Burden noted that over the last six, eight and 10 months, a trend began developed as more and more retailers started looking for concessions from landlords. Now, everyone asks for them. This will play out over the next quarter or so, he thinks, and then there will be more store closings coming our way in the first and second quarters of 2010. However, Schaye points out the other interesting turns during the last two quarters that are making an impact: private equity jumping back in and strategic buys, such as the Syms purchase of Filene’s Basement.

“Is this the light at the end of the tunnel or the freight train coming at us?” Schaye said, adding that really only time will tell if any of these purchases or investments were a good idea.

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