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

Kenneth LeonardPrincipalLeonard Associates

Lampert Cult Supports Sears' Stock Price

May 4, 2011

After announcing yet another decline in profits, market share and sales at their annual meeting, and watched their stock price drop by 9.9% to the still highly inflated price of $75.88, the media swallowed Mr. Lampert's cool-aid once again and focused on management's hope for the future.

Kenneth LeonardPrincipalLeonard Associates

WSJ's Property Report Got It Wrong--Again

April 28, 2011

The 4/27/11 WSJ Property Report spent a half page of their section on a rehash of some obvious and questionable news about the strip shopping center industry. The Report focused on several new "surveys" by some large national brokerage firms (Colliers & Reis). The GLG reader should be alerted to the fact that the surveys could have been interpreted as either an optimistic or pessimistic report on the condition of the strip shopping center industry and WSJ chose to present a distorted optimistic version.

Kenneth LeonardPrincipalLeonard Associates

The Media Misses The Point --- Again!

April 6, 2011

Analysis of:Closings Loom As Sears Holdings Continues To Struggle | retailtrafficmag.com

As readers of GLG News are well aware from my past analyses, just about all retail and shopping center industry experts know that SHLD will soon be closing as many as 300 Sears stores and even more Kmarts. This overlong article misses the point so badly that I could not help myself from correcting their huge misconceptions.

Kenneth LeonardPrincipalLeonard Associates

DO BORDERS LEASES HAVE ANY LEASEHOLD VALUE?

March 15, 2011

Analysis of:Firm Selling Local Borders Leases Faces A Tall Task | www.chicagorealestatedaily.com

An article in the Chicago edition of Crains (and another in the 3/14/11 WSJ) talks about the various matters taking place in the Borders bankruptcy negotiations. This article clearly implies that there is substantial leasehold value in the poorest performing leased stores that Borders is disposing of. Since a number of GLG clients have been monitoring the Borders bankruptcy, I thought it worthwhile to take issue with statements from those responsible for auctioning off these store leases.

Kenneth LeonardPrincipalLeonard Associates

Another Phony Compliment For SHLD

March 5, 2011

The Friday, March 4, 2011 edition of The Chicago Tribune had two complimentary articles about Sears in the Business Section. The first one dealt with Sears attempting to woo Amazon affiliates over the online sales tax issue. The second talked about Sears attempting to upgrade their cosmetics area by subleasing or licensing prime first floor space to various cosmetics retailers.

Kenneth LeonardPrincipalLeonard Associates

Is Blockbuster Worth $290 million?

February 25, 2011

According to an article in an industry trade magazine called SCTWeek , Blockbuster note holders Monarch Alternative Capital, Owl Creek Asset Management, Stonehill Capital Management and Varde Partners have formed an LLC called Cobalt Video Holdco and have bid $290 million for the 2800 remaining Blockbuster stores.

Kenneth LeonardPrincipalLeonard Associates

Barnes & Noble Confirms Sales Boost From Borders' Closings

February 24, 2011

Analysis of:Barnes & Noble CFO discusses Borders | www.forbes.com

Last week's analysis of my "desktop survey" of the list of Borders stores to be closed in the Chicago area, revealed that 80% of the stores to be closed were in direct competition with Barnes & NOble stores. Now the CFO of B&N has confirmed my findings in a Call on Tuesday about their third quarter revenues. The B&N CFO acknowledges that this translates into the likelihood that shortly after Borders GOB sales, B&N sales in nearby stores should see a nice increase.

Kenneth LeonardPrincipalLeonard Associates

Borders Can't Stand the Heat So Is Getting Out Of the Kitchen

February 19, 2011

Analysis of:15 local Borders closing as chain files Chapter 11 | home.chicagorealestatedaily.com

For those few of you GLG News readers who continue to care about the future of Borders, I thought you might be interested in a simple analysis I conducted, out of my own curiosity, regarding the underlying reasons behind most of the Borders store closings.

Kenneth LeonardPrincipalLeonard Associates

Borders Bankruptcy Reveals Strength Of Power Centers

February 17, 2011

Analysis of:Borders Bankruptcy Shines Light on Continued Weakness of Power Centers | www.printthis.clickability.com

An article in today's Retail Traffic Blog mistakenly concludes that Borders bankruptcy reveals weakness in power centers. I have concluded the exact opposite. GLG News readers who follow shopping center REITs should be made aware of why this wide difference exist.

Kenneth LeonardPrincipalLeonard Associates

Dillard's Planned REIT Meets with Subdued But Polite Reception From the Pros

February 11, 2011

Analysis of:Some landlords express doubts about Dillard's REIT | icsc.org

Simon Property Group CEO,David Simon, said in an earnings call today that "there is no market for a self-managed , one-tenant REIT in public markets". Macerich CEO also echoed that same sentiment but thus far most of the business reporters and bank analyst continue to promote very optimistic valuations for this desperate fund-raising tactic by a troubled Dillard's.

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