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GLG News by Retail Brokerage Experts (Florida)

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Kenneth LeonardFebruary 5, 2008
A "POP CULTURE" ARTICLE AND A "POP CULTURE" ANALYSIS
Analysis of: Birth, Death and Shopping | www.economist.com
Author: Kenneth Leonard, Principal, Leonard Associates
This article is not at all important!  It is a feeble excuse for a half baked promotion and/or book review about the life of an eccentric architect who was one of the first designers of enclosed regional malls.  The article is an inaccurate and highly slanted commentary about...
Kenneth LeonardFebruary 4, 2008
Finally, The King Really Doesn't Have Any Clothes
Analysis of: Sears' turnaround plan short on details, long on odds | www.chicagotribune.com
Author: Kenneth Leonard, Principal, Leonard Associates
In my opinion, this is the first newspaper article or financial analysis of any kind that has finally "gotten it right"!  The reporters did a very professional research job, (including calling GLG to talk to some of their "experts" under GLG's new media arrangements), and put...
Kenneth LeonardJanuary 31, 2008
WHAT WAS SUPERVALU THINKING?
Analysis of: Sunflower Market on Clybourn Closing | www.chicagobusiness.com
Author: Kenneth Leonard, Principal, Leonard Associates
SuperValue owns some of the finest and most dominant local grocers in the country. They opened their first Sunflower store in January of 2006 and announced they intended to open 50 more over the next five years. These stores were a slightly smaller organic format designed to be competitive...
Kenneth LeonardJanuary 31, 2008
Somebody Finally Stood Up to the Hedge Fund Investors
Analysis of: Carrefour Shelves Spinoff Due To Market Woes | www.realestatejournal.com
Author: Kenneth Leonard, Principal, Leonard Associates
Is "Market Woes" the real reason for this rather unusual about face ? What really went on in Carrefour's board room to convince the impatient hedge funds to back off from their insistence on increasing the debt load? It seems to me that it was being done just to satisfy some greedy short term investors....
Kenneth LeonardJanuary 28, 2008
DID IT EVER LOOK EASY?
Analysis of: Saving Sears Doesn't Look Easy Anymore | www.nytimes.com
Author: Kenneth Leonard, Principal, Leonard Associates
While this may seem like "piling on" with so many analysts and financial writers suddenly waking up to "bursting" of the Sears "bubble", not one of them have yet acurately addressed the underlying factors that account for their sudden down grading of their real estate portfolio. My following...
Kenneth LeonardJanuary 25, 2008
Mr. Lampert Got The Wrong Size
Analysis of: SIZING UP SEAR'S NEW STRATEGY | retailtrafficmag.com
Author: Kenneth Leonard, Principal, Leonard Associates
This is an important article because it puts the entire SHLD story into an accurate historical perspective and makes some insightful observations of the problems still facing any possible turn around.  Although I disagree with the authors on several key points, for the most part this is one of...
Kenneth LeonardJanuary 22, 2008
A PERFECT EXAMPLE OF HOW MERGERS AND ACQUISITIONS IMPACT REITs
Analysis of: Macerich countersues Whole Foods | dailycamera.com:80
Author: Kenneth Leonard, Principal, Leonard Associates
This is a poorly understood phenomenon, taking place before our eyes, that is likely to become the single most important factor affecting the values of both mall and strip center REITs. It is not unlike the problems resulting from the proposed "monetizing" of the underperforming SHLD stores or...
Kenneth LeonardJanuary 22, 2008
SHLD,----ITS ABOUT TIME!
Analysis of: Sears reshuffles amid slow sales | www.detnews.com
Author: Kenneth Leonard, Principal, Leonard Associates
This is the first indication that Mr. Lampert's ironclad certainty that he knows more about retailing than the entire retail industry, is starting to waiver. To my mind this reshuffling signifies three important things. Thing one is that he will be adding overhead for the first time since buying...
Kenneth LeonardJanuary 15, 2008
All That Doesn't Glitter May Still Be Gold
Analysis of: Retail Real Estate's Outlook | blog.retailtrafficmag.com
Author: Kenneth Leonard, Principal, Leonard Associates
Recent Newsweek and WSJ articles predicting gloom and doom for the shopping center industry were way off base. These writers simply took a few announced store closings (that have been in the works for quite some time) and projected a trend line that would have had the country littered with empty shopping...
Kenneth LeonardJanuary 14, 2008
Duh! Overfinancing Is Risky!
Analysis of: Credit Woes Hit Retail | license.icopyright.net
Author: Kenneth Leonard, Principal, Leonard Associates
This article talks about the real estate-driven credit crunch as being bad for all REITs, but I disagree. The article ignores the fact that over-financing in the shopping center world is hardly a new phenomenon.  This kind of thing has been going on ever since the first shopping...

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