GLG News by Retail Brokerage Experts (Florida)

Kenneth LeonardPrincipalLeonard Associates

Valuing An Underperforming Mall

November 14, 2010

A recent article in an industry trade journal features a reasonably candid picture of the costs and difficulties of repositioning an underperforming regional mall. I will summarize the article for any of the GLG readers who follow the Mall REIT industry and who may be lulled into a false sense of security about the values of those Mall REITs who are recognized as having a substantial number of underperforming malls in their portfolios.

Kenneth LeonardPrincipalLeonard Associates

How Good Are Hedge Funds At Managing Turnarounds?

November 10, 2010

Analysis of:Overdrive- Who really rescued General Motors? | newyorkeronthetown.com

Mr. Steven Rattner's new book "Overdrive" (a first person account by Mr. Rattner, the co-founder of the Quadrangle Group,about what a wonderful job he thought he did in turning GM around when overseeing the Federal Bailout of GM) was reviewed by Malcolm Gladwell in the the 11/1/10 issue of THE NEW YORKER. I thought it worthwhile bringing this book review to the attention of the GLG Reader for several reasons which will be explained below.

Kenneth LeonardPrincipalLeonard Associates

Some Occupancies Up, But Many Rents Down

November 10, 2010

Analysis of:Retail good and bad: Vacancy drops, but so do rents | www.chicagorealestatedaily.com

This article in the CHICAGO REAL ESTATE DAILY, purports to show an interesting trend but only tells a partial tale. I think it is worth bringing to the attention of the GLG reader for several reasons, not the least of which is that it is the kind of misleading information that could easily be misconstrued by GLG clients.

Steve BottfeldPrincipalMarketing Solutions

LAS VEGAS: Something Old, Something New

October 26, 2010

A recovery sits on a three-legged stool: (1) sales growth; (2) inventory reduction; and (3) rising prices. Las Vegas’ recovery sits on a very wobbly stool. As you review Las Vegas September housing data, the one word that comes to mind is “Bottom.” That does not mean that September is the beginning of an uptick, but merely a continuation of data that appears to traveling in a very narrow range. And, that is a positive rather than a negative. Here are the details

Kenneth LeonardPrincipalLeonard Associates

Ackman "Targets" JCP

October 22, 2010

A recent article in the Chicago Tribune speculates about the reasons Mr. Bill Ackman's hedge fund, Pershing Capital, has taken a large position in the J.C. Penney company. They seem to accept Mr. Ackman's comment that he is not going to try the same things he tried and failed to do at Target. I disagree.

Kenneth LeonardPrincipalLeonard Associates

Borders Is Bordering On Disaster

October 22, 2010

A recent article in the local Chicago business section announced that the Borders store on the corner of Michigan Ave. & Pearson ( one of the highest trafficked corners on the Miracle Mile and directly across from Water Tower), is leaving and being replaced by a new soft goods retailer.

Kenneth LeonardPrincipalLeonard Associates

A Few New Discount Stores Do Not Signal the End of the Recession

October 19, 2010

Analysis of:The Recession is Over: Department Stores Expand again | www.bnet.com

While I realize that all bloggers are not created equal and most GLG clients do not have the time or inclination to pay attention to most blogs, this Carol Tice blog is particularly misleading and spectacularly wrong. Ms. Tice shows her lack of understanding about the retail real estate industry in several important ways and I think the GLG News reader deserves to be warned about this kind of yellow journalism.

Kenneth LeonardPrincipalLeonard Associates

Tesco Doubles Its' Bet

October 6, 2010

Analysis of:Tesco Signals It Will Push Ahead In U.S. | online.wsj.com

This recent article in the WSJ talks about how much money Tesco continues to lose in the three western states they have invaded and how they are preparing to expand from 160 stores to 300 or 400 stores within the next two years.

Kenneth LeonardPrincipalLeonard Associates

Some Interesting Buy-Out Targets

October 2, 2010

Private equity is coming back into the market and rumor has it that there is a lot of interest in the Retail Sector. The Street recently spent some time speculating about 8 or 9 possibilities that I think are worth bringing to the attention of the GLG reader.

Kenneth LeonardPrincipalLeonard Associates

Sears To Add A Toy Department this Christmas! What a Brilliant Idea!

September 24, 2010

I just read where Sears will add toy departments to 85 of their stores this Christmas. Apparently Mr. Lampert has just discovered that toys sell well during the Christmas season. I also just saw that the SHLD stock has risen from the low 60s to the low 70s. I guess the Lampert followers have expectations that are easily met by reverting to following every other retailer in America.

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