"The next two years will be problems for some, opportunities forothers," said session co-chairman Martin Mayer, president and CEOof Stirling Properties, based in Covington, LA.
The industry is still fairly early into the retail shakeout, asconsumers are just beginning to change their shopping habits, saidKenneth Bernstein, president of Acadia Realty Trust, based in WhitePlains, NY. More retailer bankruptcies will follow, with aconsequent rise in store closings. Mayer noted that ICSC haspredicted 6,000 stores will go dark in 2008, the highest numbersince 2001. But that isn't the real problem.
"[The challenge] is being able to fill vacant spaces," saidRichard Tucker, president and CEO of Tucker Development Corp.,based in Highland Park, IL. "Fewer tenants are expanding."
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