Steven Roth's Thoughts
May 1, 2009 12:00 PM
In his Chairman's Letter as part of Vornado Realty Trust's April 3rd 8-K filing, chairman and CEO Steven Roth provided some interesting thoughts about the retail sector and how things will change because of the current “Great Recession.” Among his thoughts, Roth wrote, “Really scary is the consolidation of mall anchors. In many malls, in many markets, the loss of an anchor now spells a very long-term empty and a dead mall wing. Who will replace Mervyn's, etc.? B Malls and C Malls will suffer declining sales, and [have] difficulty replacing failed tenants and refinancing their loans. Ditto for marginal strip shopping centers. Every commercial highway in the country is lined on both sides end to end with too many stores.”
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