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GLG News by Retail Brokerage Experts (Florida)

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Kenneth LeonardMay 1, 2008
IS THE SKY REALLY FALLING?
Analysis of: Spacing Out | retailtrafficmag.com
Author: Kenneth Leonard, Principal, Leonard Associates
I think this article is important because it spreads a false sense of what is really happening in the industry. While I realize that many reporters exaggerate their premise to make for more interesting reading, this article crosses the line. In my opinion it is irresponsible to dress up an old hag that...
Kenneth LeonardApril 21, 2008
Why Not Eliminate All Overhead And Let The Stores Run Themselves?
Analysis of: Sears cut 100 more jobs at retailer's headquarters | www.chicagotribune.com
Author: Kenneth Leonard, Principal, Leonard Associates
I have (had) many friends working at Sears' Hoffman Estates headquarters,(most now gone) and to the man, (or woman) they have some of the scariest horror stories I have ever heard, about the conditions that prevail under Mr. Lampert's leadership. This latest round of layoffs is just one more indication...
Kenneth LeonardApril 16, 2008
The Clouds Of Danger Are Gathering Over Carrefour's Horizon
Analysis of: Family Bids Adieu to Carrefour Control | online.wsj.com
Author: Kenneth Leonard, Principal, Leonard Associates
One of the major reasons for Carrefours success thus far is about to become its biggest lability! By keeping its' occupancy costs low through ownership of many of its' locations, Carrefour has managed to pass along the benefits of below market rents to its' shareholders in the form of increased profits. ...
Kenneth LeonardApril 16, 2008
Finally, Reality Sets In
Analysis of: BID/ASK GAP BRINGS INVESTMENT SALES TO A HALT | retailtrafficmag.com
Author: Kenneth Leonard, Principal, Leonard Associates
With extensive anecdotal evidence from retail real estate  brokers around the country who are bemoaning their lack of action, this article attempts to depict what's behind the almost moribund market for retail properties.  As usual, this reporter who frequently writes for one...
Kenneth LeonardApril 16, 2008
Is It Cause For Alarm When Bottom Tier Companies Fail?
Analysis of: RETAILING CHAINS CAUGHT in a WAVE OF BANKRUPTCIES | www.nytimes.com
Author: Kenneth Leonard, Principal, Leonard Associates
There are two glaring problems with this New York Times Article.   First of all, its' headline is very misleading and designed to stir up controversy, while the body of the article is a well reasoned and evenhanded analysis of a far less disturbing trend. One could almost finish...
Kenneth LeonardApril 15, 2008
Another Victim Of Over-leveraging
Analysis of: Home Retailer Expected to File For Bankruptcy | online.wsj.com
Author: Kenneth Leonard, Principal, Leonard Associates
This WSJ writer and many like him are raising big red flags about the fate of the retail industry. They are seizing upon the rash of retail bankruptcies as either further evidence of the severity of the depression or the tightening of customer purse strings, or both. However, not one business writer...
Kenneth LeonardApril 10, 2008
WHERE HAVE ALL THE GROCERS GONE?
Analysis of: GROCERY ANCHORED CENTERS GET SQUEEZED | retailtrafficmag.com
Author: Kenneth Leonard, Principal, Leonard Associates
This article is important because it provides an early impression of what is happening around the country  to vacancy rates,  asking rents and effective rents.  Obviously if true, this limited survey by Reis Inc., could provide an early indicator of a growing problem in the shopping center...
Kenneth LeonardApril 9, 2008
The Russians Are Coming! - The Russians Are Coming!
Analysis of: Russia’s Sistema to invest up to $200 mn in Indian realty | www.livemint.com
Author: Kenneth Leonard, Principal, Leonard Associates
ASistema is the largest Telecom company in Russia and together with its' construction subsidiary, Sistema Hals, (listed on the London Stock Exchange with a first 9 months turnover of $9.6 billion), is making their first ever investment outside of Russia and the CIS. With so much opportunity to make...
Kenneth LeonardApril 8, 2008
Another Example Of Disastrous Over-leveraging
Analysis of: Centro Suitors Submit Buyout Bids | online.wsj.com
Author: Kenneth Leonard, Principal, Leonard Associates
With debt of of roughly $17 billion and $3.4 billion in short term debt due to be paid or refinanced by April 30, can even the most ardent suitors expect to be able to do the necessary due diligence to come up with any kind of a rational offer within the next 3 weeks? Alternatively, is this...
Kenneth LeonardApril 7, 2008
It Is A Bad Sign When The Boss Blames It On The Real Estate
Analysis of: Circuit City Critic Stirs It Up | online.wsj.com
Author: Kenneth Leonard, Principal, Leonard Associates
As a veteran of 40 years at the highest levels of the corporate retail real estate industry and as a close observer of Circuit City's real estate efforts since their inception, it is my opinion that Mr. Schoonover is simply using the real estate as a coverup for his bad decisions. Mr. Schoonover...

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