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CRE Finance World, Summer 2014

A publication of Summer issue 2014 sponsored by CRE Finance World Summer 2014 35 14 Source: RetailSails, data is based mostly on 2012 performance 15 Nordstrom serves the upper income bracket with an emphasis on personal service. 16 Since March 2009 for Dollar General and Dollar Tree and November 2009 for Family Dollar 17 Even Dollar Stores have recently experienced turmoil as a result of low income consumers being impacted by government spending cuts. A small cut to the Supplemental Nutrition Assistance Program (SNAP) and expiration of extended long term unemployment benefits for many Americans impacted sales. In addition, the sector over expanded and has too many stores. See Walter Loeb, “Do We Really Need 40,000 Dollar Stores?”, Forbes, July 13, 2013. Family Dollar recently announced the closing of 370 of its 8,100 stores. 18 Randyl Drummer, “The De-Malling of America: What’s Next for Hundreds of Outmoded Malls?”, costar.com, October 3, 2012 19 Source: ICSC, Cushman & Wakefield Retail Research 20 The National Research Bureau (NRB) as quoted by Andy Serwer, The Malling of America Unabated—and Frenzied—growth in retail space is a trend that might end badly, Fortune Magazine, October 13, 2003 21 Randyl Drummer, “The De-Malling of America: What’s Next for Hundreds of Outmoded Malls?”, costar.com, October 3, 2012 22 Robb Paltz , Tad Philipp, and Nick Levidy, Moody’s Investors Service, June 7, 2012, Special Report : US CMBS: Growing Gap Between Strong and Weak Malls 23 Ryan Severino, Retail First Glance 2013 Quarter 4, REIS 24 Nichola Saminather, Westfield Sells 7 U.S. Malls to Starwood for $1.6 Billion, Bloomberg, September 16, 2013 25 Ilaina Jonas, Macerich seeks to sell malls with lower sales rating, Reuters, December 7, 2012 26 Robbie Whelan, Simon Property to Spin Off Strip Malls, Smaller Malls, Wall Street Journal, December 13, 2013 27 On a not adjusted basis, e-commerce sales in the fourth quarter of 2013 accounted for 7.0 percent of total sales. 28 Source: Retail Indicators Branch, U.S. Census Bureau 29 Howard Esaki, Outlook and Week in Review: Rates, Regulation, and Retail, Standard and Poors, December 29, 2013 30 Correspondence with ShopperTrak on February 18, 2014 31 Pricematching also thins margins for bricks and mortar retailers weakening their ability to pay rent. 32 Drew FitzGerald and Emily Glazer, RadioShack to Close Up to 1,100 Stores, Wall Street Journal, March 4, 2014 33 Interview with Shira Goodman, Staples Executive Vice President of Global Growth by TheStreet’s Jill Malandrino on Jan 10, 2014 available at http://www.nasdaq.com/video/staples-is-now-the-second-largestglobal online-retailer-518081302 34 Source: RetailSails, data is based mostly on 2012 performance 35 As reported by http://netonomy.net/2013/01/30/top-5-largest-online retailers-who-companies-how-did-they-make-it . Ultimate source is Internet Retailers top 500 online retailers and figures are based on 2011 sales. 36 http://techcrunch.com/2013/02/27/its-not-just-best-buy-studyfinds most-at-risk-retailers-from-shoppers-showrooming-behaviorsare home-toy-and-pet-stores 37 Shelly Banjo, Wall Street Journal, Home Depot Looks to Offer Same- Day Shipping Home Improvement Retailer Plans to Spend $300 Million on Technology, Fulfillment Centers, December 11,2013 38 Owned by Amazon since July 2009 39 Barney Jopson, Financial Times, US bricks-and-mortar retailers seek online success, December 27, 2013 Challenges Confronting US Retail Properties


CRE Finance World, Summer 2014
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