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GLG News by Sears and Kmart Real Estate Experts

Kenneth Leonard, Principal
Kenneth Leonard, Principal
Leonard Associates
Analysis of: Lending Squeeze Hits Ailing Firms (online.wsj.com)
Sharper Image, Bon-Ton, Lillian Vernon, Buffets Holdings Inc., Gottschalks and several other retailers are in serious financial trouble according to this article, because of the current credit squeeze.   I am suggesting that the current credit squeeze has played a very small roll in accelerating...
Kenneth Leonard, Principal
Kenneth Leonard, Principal
Leonard Associates
February 25, 2008
YOU HEARD IT ON GLG FIRST
Analysis of: Tesco's Not Hitting Its Goals (blog.retailtrafficmag.com:80)
Only two days after announcing the opening of their 50th store in California, the British invasion of Tesco stores has been found to have very serious problems. After successfully demonstrating a powerful real estate and operations achievement with the opening of so many stores in such a short time...
Kenneth Leonard, Principal
Kenneth Leonard, Principal
Leonard Associates
February 14, 2008
What, Me Worried?
Analysis of: Regional Mall REITS Anchored In Choppy Water (retailtrafficmag.com)
Wall Street worries about the recession's impact on mall REITs are discussed in this article and found to be groundless. The article compiles recent Conference Calls with the CEOs of the leading mall REITs and concludes that once again the leading financial analysts have misread their tea leaves where...
Kenneth Leonard, Principal
Kenneth Leonard, Principal
Leonard Associates
Analysis of: Home Woes Lead Wickes to Chapter 11 (www.chicagotribune.com)
Another national chain furniture retailer, recently acquired by a hedge fund, bites the dust! What the heck is going on?   Only a few months into the current recession and just beginning to feel the effects of the bursting of the housing bubble, several old line major furniture retailers have...
Kenneth Leonard, Principal
Kenneth Leonard, Principal
Leonard Associates
Analysis of: Sears' turnaround plan short on details, long on odds (www.chicagotribune.com)
Three or four very smart financial analyst from major financial institutions have been writing about the likelihood of "breaking up" Sears as discussed in this article.  I have not yet seen as thorough nor candid analysis as this Chicago Tribune article and as such, I am recommending it to...
Kenneth Leonard, Principal
Kenneth Leonard, Principal
Leonard Associates
Analysis of: Birth, Death and Shopping (www.economist.com)
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 Leonard, Principal
Kenneth Leonard, Principal
Leonard Associates
Analysis of: Sears' turnaround plan short on details, long on odds (www.chicagotribune.com)
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 Leonard, Principal
Kenneth Leonard, Principal
Leonard Associates
Analysis of: Sunflower Market on Clybourn Closing (www.chicagobusiness.com)
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 Leonard, Principal
Kenneth Leonard, Principal
Leonard Associates
Analysis of: Carrefour Shelves Spinoff Due To Market Woes (www.realestatejournal.com)
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 Leonard, Principal
Kenneth Leonard, Principal
Leonard Associates
January 28, 2008
DID IT EVER LOOK EASY?
Analysis of: Saving Sears Doesn't Look Easy Anymore (www.nytimes.com)
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...

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