"A store occupied is still better than one unoccupied, even athalf the rent," said Stanley Tate, president of Tate Enterprises inNorth Miami and an advisor to the Federal Reserve. Tate also warnedof the prospect of 85 additional bank failures nationwide over thenext 30 days, further eroding the ability of retail propertyinvestors to obtain financing in the current credit crunch.

Tate also predicts that $1 trillion worth of commercialproperties will go into foreclosure in the coming year as ownersdefault on loans, adding that "those who are heavily leveraged aregoing to have a very difficult time." However, he pointed out thatfinancing remains available for landlords and developers who arewilling to work with banks at lesser loan-to-value ratios.

Tate was perhaps the most outspoken among dozens of panelistsduring the annual gathering Monday at the Gaylord Palms Resort& Convention Center, attended by well over 4,000 ICSC membersfrom Florida and several other states. The general consensus amongspeakers and listeners is that Florida remains a desirable statefor retailers, with a statewide population expected to exceed 20million in the next five years, and that other well-performingmerchants may be in line to take up space vacated by thosedeclaring bankruptcy or going out of business.