With the United States over-stored, financing still tight, andtransactions at a standstill, the short term remains challenging.But larger firms will benefit as they attract the bulk offinancing.

"This is an equal opportunity recession, not just in the UnitedStates, but global," said Donald Wood, president and CEO of FederalRealty Investment Trust, Rockville, MD.

The country simply has too much retail space, particularly inbig-box category killers, Wood added. "I laugh when people say 'Arewe over-retailed?'" Wood said. "Of course we're over-retailed."

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