Boiler - Notwithstanding your careful reporting of retailers experiencing poor sales, the overall trend for the shopping center industry so far this year has been excellent. Seems to suggest your reporting is a case of 'looking in the rear view mirror' and that industry trends (reported below by a shopping center industry periodical) so far in 2012 are actually more reflective of the recovery that is unfolding. Yes, we can agree the comp numbers from last year were weak, but stated sales increases are impressive none-the-less.
And - as we approach the 1-month mark in the SPG demise-in-short-order watch, things are looking pretty good for the shopping center company.
U.S. mall sales producivity at all-time high in January
U.S. mall sales productivity at nonanchor stores peaked in January, hitting an annualized $526 per square foot, according to ICSC Research data from nearly 500 shopping centers. Stronger-than-average sales in the electronics and apparel categories helped fuel a 17.5 percent year-on-year jump in national sales per square foot. Sales productivity in the electronics category increased 53 percent year on year, the most since March 2011, when the category grew 55.9 percent. Women’s apparel sales productivity grew by 23 percent year on year, jewelry tenants rose by 7.2 percent, and food-court tenants gained 4.8 percent. The Northeast was strongest, with a 33.4 percent year-on-year increase, to $693 per square foot. The West grew by 14.7 percent to $598 per square foot, the South gained 13.6 percent to $504 per square foot, and the Midwest rose by 13.4 percent to $399 per square foot. Sales productivity at Chicago malls increased by 22.4 percent year on year. Denver mall sales grew by 17.7 percent, New York City gained 16.8 percent, Atlanta rose by 15.7 percent, Dallas gained 15 percent, Miami increased by 12.5 percent, Los Angeles gained 14.6 percent, and Detroit increased by 8 percent.
Your use of the word 'productivity' to explain sales per square foot, is creative.
One wonders if inflation factors into your rosy equations ?
For todays retail lesson the venerable name; Panasonic.
Ticker PC plunged today, and remains at decade lows. We can plan the yen, the recession, or can we begin to accept the general retail...malaise ?