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

Kenneth LeonardPrincipalLeonard Associates

Blockbuster; All Things To All Customers, Not Much To Any

April 6, 2010

A recent interview on NPR radio by Blockbuster CEO Jim Keyes revealed that Blockbuster is pinning its survival on being the "only multi-chanel provider---in stores, by mail and by vending machines. This is a proven formula for failure.

Kenneth LeonardPrincipalLeonard Associates

Behind the Numbers with SHLD

April 6, 2010

Analysis of:Stuck with Sears | www.businessweek.com

This BusinessWeek article is reasonably well researched but the writers are obviously not well versed in the retail industry. My analysis will provide some clarification that is sorely needed when understanding all the Lampert and Johnson "doublespeak".

Kenneth LeonardPrincipalLeonard Associates

Glimcher Sells Two Of Their Best Malls

March 31, 2010

Analysis of:Glimcher Closes Joint Venture | retailtrafficmag.com

This article provides an excellent example of my major premise about the value of Malls and Mall REITS.It shows that quality "A" malls are still in demand and can command an "undiscounted" price at a very nice cap rate.

Kenneth LeonardPrincipalLeonard Associates

Another Goofy Sears Brand Expansion Attempt

March 27, 2010

Analysis of:Sears Tries To Resurrect The Kenmore Brand | mcmillandoolittle.blogspot.com

This article from a blog by one of the leading Retail Consulting Firms in the country, talks about how Sears is trying to promote the Kenmore brand by opening a "Kenmore Store".

Kenneth LeonardPrincipalLeonard Associates

An Overlooked But Important New Problem For Malls and Shopping Centers

March 22, 2010

Analysis of:Mall Stores Try To Shrink | blog.retailtrafficmag.com

This article in Friday's WSJ, although on the first page of the MARKETPLACE section, got very little play in the business news media. In my opinion it represents one of the most significant developments that will be impacting the value of Shopping Center and Mall REITs for many years to come.

Kenneth LeonardPrincipalLeonard Associates

Simon-GGP Merger Creates Antitrust Issues.

March 19, 2010

Although much has been written about the economic pluses and minuses of this anticipated merger, little has been said about the very real threat of the FTC waking up and putting a stop to it.

Kenneth LeonardPrincipalLeonard Associates

General Growth thinks its' Garbage is Golden

March 18, 2010

Analysis of:General Growth labels its' "bad" assets | www.chicagotribune.com

General Growth is a well run and successful company as I have said numerous times in this venue. However GGP, like all companies has made many mistakes and has acquired many under performing assets hidden within the package of good assets they bought from other companies. Some of these assets were good at the time they bought them but either turned "bad" thereafter or became "bad" because they overpaid for them.Now they want the public and their stakeholders to accept a $15.00 per share value for the package of under performing assets they have separated from their parent company as part of their propped recovery from bankruptcy.

Kenneth LeonardPrincipalLeonard Associates

As Predicted, Blockbuster Is Busted

March 18, 2010

Analysis of:Blockbuster RaisesPossibility Of Bankruptcy; Stock Swoons | blogs.barrons.com

This article in Barrons simply confirms what I have been predicting in several previous GLG analysis. Why it took so long for this "horse and buggy" industry to realize it was doomed as soon as the success of Netflix and Redbox was assured and Hollywood Video and Movie Gallery died, will be the subject of this analysis.

Kenneth LeonardPrincipalLeonard Associates

Mall REITs Are Not Dying

March 18, 2010

Analysis of:Retail exec: "There will be more mall foreclosures to come" | www.dailyherald.com

A poorly informed business reporter for the Daily Herald in Arlington, Va. writes about the foreclosure of a publicly subsidized shopping center known as Arlington Town Square. The writer then goes on to extrapolate this growing problem to shopping centers and malls throughout the country. This is just one more example of what I have been predicting is the flood of "the sky is falling" articles that could influence GLG clients if they are not better informed.

Kenneth LeonardPrincipalLeonard Associates

The Avalanche Is Starting

February 22, 2010

Analysis of:Sears to Close 8 Stores | www.chicagobusiness.com

This brief article is rather deceptive in that it headlines 8 named stores that are closing but only briefly mentions the 13 Kmarts and 4 Sears Essentials that have also been announced. The article indicates that these 8 are but a portion of the previously announced closing of "underperforming Sears stores". This raises the question of what about the other 200 to 300 underperforming stores that Mr. Lampert announced intentions to close in 2008?

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