GLG News by Restaurant Brokerage Experts: Commercial Real Estate Brokers (US)

Kenneth LeonardPrincipalLeonard Associates

Is Trump For Real?

February 6, 2012

Analysis of:Trump suspends retail leasing effort: "I'm in no rush" | www.chicagorealestatedaily.com

Three years ago Donald Trump finally opened his troubled,but beautiful, riverfront skyscraper in downtown Chicago. He has issued many press releases about its success but a new article exposes most of his bluster as false advertising.

Kenneth LeonardPrincipalLeonard Associates

Are Macy's closures a leading indicator of mall REIT values?

January 18, 2012

Analysis of:Macy's Closures | thecrereview.blogspot

The recent announced closings of 5 Macy’s and 4 Bloomingdales stores may have created a bigger threat to Mall REIT values then the announced closings of 120 Sears and Kmart stores.

Howie GelbtuchPrincipalGreenwich Realty Advisors Writing Corp

More details and insights about the planned Sears Holdings store closings

January 4, 2012

Sears Holdings recently announced plans to close 100 to 120 of its stores.  Of these, 79 locations were disclosed on December 27, 2011 and 90% of them – 71 stores— are in our proprietary database of retail stores.  We estimate that the 71 stores we identified total about 6.6 million square feet of gross leasable area, an average of roughly 93,000 square feet per location.

Kenneth LeonardPrincipalLeonard Associates

Three things you should know about Sears store closings

December 29, 2011

The WSJ carried an article indicating that Sears would close “100 to 120 stores” in an effort to “try to fix the problem of falling sales”. The article was based on an internal memo in which Sears also announced “that the store closings will generate $140 to $170 million in cash from inventory sales and that they expect the sale or sublease of real estate holdings to add more cash”.

Kenneth LeonardPrincipalLeonard Associates

The Death Spiral Begins for SHLD

August 19, 2011

Analysis of:Sears Holdings 2Q loss widens, misses expectations | finance.yahoo.com

After many, many quarters of declining sales and profits, it now appears that the market is finally recognizing the inevitability of the continued decline in the value of SHLD as a going company. Its' stock is finally heading towards a value consistent with its' relative position in the marketplace and soon will no longer be valued at a multiple that would indicate it is a better company than Nordstroms or Macy.

Kenneth LeonardPrincipalLeonard Associates

No Retailers Allowed @ SHLD

August 16, 2011

Analysis of:Sears Holdings names new CFO | www.chicagobusiness.com

This latest announcement from Mr. Lampert introducing his fifth CFO in the past six years, once again shows his disdain for, or inability to attract, senior executives with solid experience from top retail companies. It should be noted that every other top retailer tries to recruit talented people from other top retailers. Mr. Lampert either won't or can't follow the tried an proven method of turning around a troubled retailer.

Kenneth LeonardPrincipalLeonard Associates

General Growth Dumps Its' Troubled Properties

August 2, 2011

Analysis of:General Growth to spin off 30 shopping centers | www.chicagorealestatedaily.com

The recent announcement of General Growth's plans to sell 30 of its' worse performing and lowest growth potential shopping centers raised a very important question in my mind--------"who the heck thinks they are better than General Growth at turning around a bunch of really bad malls?"

Kenneth LeonardPrincipalLeonard Associates

Dish Network's Blockbuster Strategy Is Seriously Flawed

July 29, 2011

In my previous analysis of Dish Network Corp's $320 million acquisition of 1,500 retail stores, I strongly hinted at the likelihood that this might turn out to be one of the dumbest moves in the history of retailing. After giving the matter considerably more thought I wish to revise my earlier characterization and state more explicitly that I am now totally convinced that it definitely will be the dumbest retail real estate play in the history of retail real estate!

Kenneth LeonardPrincipalLeonard Associates

Is Dish Network An Apple Coppycat?

July 27, 2011

Analysis of:Blockbuster Decision Illustrates Quality of Retail Chain | retailtrafficmag.com

Dish Network's decision to buy Blockbuster's 1500 stores for $320 million is either one of the most brilliant or stupid moves I have ever seen in my 40+ years in the retail real estate industry. My sense is that it seems destined to be judged as being closer to the latter than to the former characterization.

Kenneth LeonardPrincipalLeonard Associates

Another Xanadu In the Making

July 21, 2011

Analysis of:Skyscrapers and Retail Part of Massive Old Post Office Plan | www.chicagorealestatedaily.com

For those of you GLG News readers who are fascinated by the new breed of reality show that carries with it a good chance to watch a real disaster unfold in slow motion before your eyes, let me be the first to recommend you start paying attention to today's announcement about a massive new development on the site of Chicago's historic Old Post Office. It rivals Xanadu in its' grandiosity and chutzpah and is headed for the same ill fated ending.

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