Top Story

• Consumers expect to spend $543 this holiday season, says survey
  U.S. consumers plan to spend about $543 each this holiday season, plus another $133 on gift cards, according to ICSC and Goldman Sachs' 2009 Holiday Spending Survey. The survey also found that markedly more consumers plan to begin their holiday shopping on Black Friday this season than in previous years. SCT Newswire (11/4)

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Industry Tracker

• Closely watched CRE index posts biggest gain since 2007
  Commercial-property prices posted their biggest gain since the market peaked in 2007, rising 4.4% in the third quarter, according to the MIT Transactions-Based Index of Institutional Commercial Property. The improved numbers had some suggesting the commercial real estate market might be nearing its bottom. "I think it's too early to call it a turnaround," said David Geltner, director of research at the MIT Center for Real Estate. InvestmentNews (free registration) (11/8)

• CRE recovery will take longer than previous downturns, group says: The current commercial real estate downturn differs from previous slumps because it was "fueled by excessive use of creative debt financing," according to a report by Gerson Lehrman Group. "The unwinding of creative leverage will take longer than previously and could delay recovery," the report said. Gerson Lehrman Group (11/4)

• USAA takes 80% stake in Regency portfolio
  The USAA Real Estate Co. has taken an 80% share in a portfolio of eight shopping centers owned by Regency Centers. Regency said it would generate $104 million in net proceeds from the deal. The grocery-anchored centers -- located in the markets of Los Angeles; San Francisco; Houston; Dallas; Atlanta; Orlando, Fla.; and Raleigh, N.C. -- have 153 tenants and are 94% leased. CoStar Group (11/3)

• Holiday season starts earlier than ever
  Retailers are already slashing prices and extending hours in an effort to boost what's expected to be a slow holiday season. Sears began Black Friday before Halloween, Kohl's is keeping stores open until midnight on Saturdays and Wal-Mart's toy prices keep falling, as merchants seek to attract budget-squeezed consumers. "Nobody's had very spectacular sales all year," said Britt Beemer, CEO of America's Research Group. "Everybody is figuring out their way to get their slice of the pie." The Tennessean (Nashville) (11/9)

• Other News

• Blackstone reports mixed commercial real estate performance
  The Wall Street Journal (tiered subscription model) (11/6)

• Whitestone REIT plans to raise $50 million
  The Wall Street Journal (tiered subscription model) (11/4)

Retail News

• Dollar General prepares to go public
  Shares of Dollar General are slated to begin trading Friday on the New York Stock Exchange under the symbol DG. The 54-year-old chain with more than 8,500 U.S. stores has prospered during the downturn of the past two years, as consumers have increasingly turned to discounters to stretch their budgets. Dollar General added stores and increased sales and profits in 2008 and 2009, and is in its 20th consecutive year of same-store sales growth. The Wall Street Journal (tiered subscription model) (11/9)

• High-end shopping comes to Maryland county
  Prince George's County, Md., is hoping to attract premium retailers with a 245-acre new development. The Woodmore Towne Centre will include 800,000 square feet of high-end retail space, anchored by a Wegmans store and a fine-dining restaurant from chef Timothy Dean. "I think this will signal that we're ready for prime time," says one local resident. "We're ready for the Nordstrom, the Saks." The Washington Post (11/7)

• Local employers buoy Central Virginia retail market
  Despite occasional blips -- notably the still-vacant shell of an abandoned Circuit City -- the Central Virginia region's commercial real estate market is doing well. The Charlottesville region has a 97% occupancy rate for an estimated 2.8 million square feet of retail property, buoyed by local employers such as the University of Virginia and State Farm Insurance. "Compared to other communities, we're in good shape," says one developer. The Daily Progress (Charlottesville, Va.) (11/9)

• Other News

• Toys R Us CEO: The must-have toy of Christmas 2009
  Financial Times (tiered subscription model) (11/8)

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Hot Topics

Top five news stories selected by ICSC SmartBrief readers in the past week.

• Regulators give banks guidelines for commercial mortgage modifications (The Wall Street Journal (tiered subscription model))

• First CMBS sale via TALF is on track as Fed's concern eases (The Wall Street Journal (tiered subscription model))

• British billionaire launches Topshop in U.S. at a tough time (Bloomberg)

• Kimco spends $825 million for retail portfolio (GlobeSt.com)

• October sales improve for discount, high-end retailers (The Wall Street Journal (tiered subscription model))

• Results based on number of times each story was clicked by readers.

Finance & Economics

• IMF says dollar remains overvalued, fueling carry trades
  The International Monetary Fund said in a report the U.S. dollar is funding carry trades as a result of low interest rates. Concerns about new financial imbalances come at a time when the IMF says the dollar remains overvalued. "Labor-market conditions are still very challenging in the U.S., and the rest of the world is improving faster. The dollar remains the weakest link," said Boris Schlossberg, director of currency research at online currency trader GFT Forex. Bloomberg (11/9)

Business Best Practices

• Morton's president: Face time with workers brings success
  Despite having 5,000 employees in 81 locations worldwide, Edie Ames, president of Morton's The Steakhouse, is a hands-on manager. Getting face time with the boss helps build long-term relationships, Ames says, which is why she meets with hourly employees as well as her management team regularly. "I really want all 5,000 employees to know that we make decisions based on their feedback," Ames says. Forbes (11/3)

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Featured Content

Policy Watch

• Obama administration aims to increase SBA loans
  The Obama administration put through two initiatives that would make getting credit from the Small Business Administration easier. The administration asked to raise the limit on the most important SBA loans to $5 million from $2 million. The limit would apply to the 7(a) program for general investment and its 504 program, which supports larger real estate or capital investment. Changes also are being sought to reduce fees and increase guarantees on loans. Finance and Commerce (Minneapolis) (11/5)

Editor's Note

• What retail trends will affect the commercial real estate industry the most next year?
  Check your inbox for the ICSC SmartBrief Year-End Report Dec. 8 and 15. View the results of this poll in Part 2 on Dec. 15

	Landlord-tenant rent negotiations
	Increasing or decreasing consumer confidence
	More retailer bankruptcies
	Pop-up or temporary stores
	Sustainable building

SmartQuote

Courage is doing what you're afraid to do. There can be no courage unless you're scared." --Eddie Rickenbacker, Medal of Honor recipient