Panelists at ICSC's RECon conference advised landlords to request profit-and-loss and earnings statements from tenants seeking a rate reduction. "Tenants need to show us their pain. While the landlord may not always agree [to a cut], you need to have the facts in front of you," said Mez Birdie, director of retail services for Maitland, Fla.-based NAI Realvest.
Macy's sees outlet stores as having potential, CEO Terry Lundgren said. The department store also is pleased with the number of male customers in its stores. "Men are growing proportionately as a percentage of sales -- particularly young men," Lundgren said.
The nearly $800 million in federal stimulus spending is certain to give a boost to commercial real estate, a report by Marcus & Millichap Real Estate Investment Services concludes. But the firm says most of the impact will be felt next year, at the earliest.
Retail insiders convened Monday at RECon's "How We Got Here, How We Get Out and What Do We Do in the Meantime" session. Panelists and attendees shared thoughts on the industry, which is still waiting out the recession. "We are clearly witnessing the deepest recession since the Great Depression," said panel chairman James Maurin, chairman of Stirling Properties in Covington, La.