All GLG News Analyses Filed Under: Corporate Real Estate

Kenneth LeonardPrincipalLeonard Associates

WHAT'S IN STORE FOR SAKS' STORES?

August 3, 2006

Analysis of:Saks Incorporated Agrees to Sell Parisian to Belk, Inc. for $285 Million | www.plainvanillashell.com

Key implications for Saks ( other than those mentioned in my previous article which discussed the implications for Belks and any future sales of department stores ), are almost all to the good.

As any successful retailer will tell you, concentrating on doing one thing well is far easier than trying to run a myriad of different types of department stores, all serving different price points, different taste levels and different competition. Look at FDS's conversion to Macy's, Nordstrum's success, Home Depot's, I could go on and on.

The important thing is that it should be far easier to turn Saks around now that they have unburdened themselves of all that unnecessary baggage.

Kenneth LeonardPrincipalLeonard Associates

Saks and Belk gives great comps!

August 3, 2006

Analysis of:Saks Sells Parisian business to Belk | today.reuters.com

A careful reading of the info surrounding the sale of Parisian to Belk yeilds some very interesting numbers that should have analysts staying up late using them for all sorts of comperable situations.

The info should also give analysts a real insight into the value remaining in Saks.

Kenneth LeonardPrincipalLeonard Associates

Can Sears Work Without Their Tools?

July 27, 2006

Analysis of:Lampert Hacks At Sears Brands | www.chicagobusiness.com

This article details the problems Sears is having maintaining sales inreases on their most important brands.

By reducing the advertising support of the brands that have become the mainstay of Sears, Mr. Lampert shows he is willing to start cutting muscle with the fat in order to squeeze out short term profits.

Sears' suppliers are starting to switch their priorities from "Sears First" to "Sears after we service our other best customers".

Kenneth LeonardPrincipalLeonard Associates

Is The Party Over?

July 24, 2006

Analysis of:Sears Shareholder Exiting | chicagotribune.com

Michael Winer, portfolio manager of Third Avenue Real Estate Vallue Fund,(and one of the original team of investors with Mr. Lampert in his acquisition of Kmart), sold half his fund's stake today and announced he plans to sell the remining half in January.

Although this is not the first major team member to cash in their shares, this is the first to confirm the Retail Real Estate industry's view that SHLD "should be valued as a going concern, as opposed to the theoretical liquidation value"

Lord & Taylor Likely To Get New Face, Not Lose It Via Liquidation

July 5, 2006

Analysis by: GLG Expert Contributor

Analysis of:Is Liquidation the Next Step for Lord & Taylor? | retailtrafficmag.com

Lord & Taylor is a major brand that has dominated the retail world for quite sometime. It is now likely to change somewhat, as is the real estate it occupies, through redevelopment and lease arrangements.

Kenneth LeonardPrincipalLeonard Associates

The News of L&T's Death May Be Premature

June 30, 2006

Analysis of:Is Liquidation the Next Step for Lord & Taylor? | retailtrafficmag.com

This article in Retail Traffic Magazine paints a most pessimistic picture of both the chances for L&T's survival and the veracity of the new owners who have stated quite clearly that they intend to revitalize the company.

My opinion is that not only are the experts quoted in the article dead wrong but the writer contradicts herself in coming to her conclusions.

Kenneth LeonardPrincipalLeonard Associates

Lord Knows L&T's Future

June 30, 2006

Analysis of:Federated Sets Lord & Taylor Deal | realestatejournal.com

This article from the 6/23 WSJ -Moving The Market section is interesting for two reasons. 
Most importantly it leaves the impression that there is considerable value in the L&T mall stores. This is simply wrong!
Secondly it misleads the reader in its representation of the highest and best values of the NY flagship store.

Kenneth LeonardPrincipalLeonard Associates

Damaged Pier

June 27, 2006

Analysis of:As Pier 1 Continues Its Redecorating, Some Think It's Time for a New CEO | realestatejournal.com

Pier 1's failed attempt to reverse its slide have rekindled rumors of a likely sale to a private equity firm in similar fashion to the recent Linens 'n Things deal.

Industry observers attempting to value the company based upon its similarity to Linens should proceed cautiously because of important differences  pointed out in my commentary below.

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