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BW: REITs Get Rich off Mallrats

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REITs Get Rich off Mallrats.
Nothing can destroy the mall.

Not online shopping. Not high gas prices. Not the housing slump. Not a 129-point drop in the stock market. Each time you think they're doomed, malls just keep getting bigger and bigger.

Remember when Amazon.com (AMZN) was supposed to put all the malls out of business? Didn't happen. Now, as gas prices and interest rates creep up and home values stagnate, consumers should theoretically spend less on nonessential items like garden furniture at Home Depot (HD) or high-definition TVs at Best Buy (BBY).

But retailers are plodding along, sustained by a steady job market and a strong stock market. The International Council of Shopping Centers [ICSC]-UBS Retail Chain Store Index, a measure of same-store sales, rose 2.5% in May, an improvement from April's 1.9% drop. For the week ended June 9, same-store sales rose 1% from the prior week and 2.1% from a year earlier.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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