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Things Could Be Worse, Retail Panel Says

KISSIMMEE, FL-Bank failures have not hit record levels, while some owners are O.K. on debt.

By Carl Cronan | Updated on August 17, 2009

KISSIMMEE, FL-As bad as the market seems for retail real estate lately, it could actually be a lot worse. That message, among others, was conveyed to the thousands attending the International Council of Shopping Centers’ Florida Conference, being held through today at the Gaylord Palms Resort & Convention Center.

During Monday morning’s opening session, five retail experts from throughout the state presented their views on the state marketplace. John Crossman, president of Orlando-based Crossman & Co., moderated the discussion.

Even though 75 bank failures have been recorded so far this year, including last week’s seizure of Colonial BancGroup, the number pales in comparison to the 550 failures occurring in 1988, observed Manny De Zarraga, executive managing director of Holliday Fenoglio Fowler LP in Orlando. Banks make up roughly half of the $3.6-trillion credit market, he says, and while credit remains largely frozen because of banks’ reluctance or inability to fund new deals, other lending sources are stepping forward, offering loan-to-value ratios as high as 75%.

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