"In the last 40 years, we've never seen anything like what we'reseeing today," said Rick Caruso, conference chairman, and presidentand CEO of Caruso Affiliated, Los Angeles.

With capital constricted, vacancies rising, values dropping andtransactions down, developers are dealing with an industry that isoverbuilt and over staffed.

"We have collected a lot of retail space, a multiple of spaceover any other society," said Kenneth P. Wong, vice chairman of TheRelated Cos., New York City. "Our challenge is how to thrive whilegetting smaller."

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