MIAMI—The International Council of ShoppingCenter's convention coming to Las Vegas in less than amonth, we decided to sit down with one an executive from one of theleading real estate investment trusts in the shoppingcenter space to discuss the state of the industry. Wecaught up with Glenn Cohen, CFO of KimcoRealty, to get his take on the biggest challenges forretailers in 2013. In part one of this exclusive interview, he alsodiscussed his views on the economy as it relates to commercial realestate and his predictions for the pace and depth of recovery in2013. What are the biggest challenges we facethis year?

Cohen: One of Kimco's biggest concerns as amajor owner of retail real estate is the economic health of theconsumer. For a necessity-based neighborhood and community shoppingcenter business like ours, the consumer's the key to the sale, andincreased foot traffic to our retailers results in higher rentsover time. While the consumer is currently somewhat resilient, Ithink there are some challenges that will result from theexpiration of the payroll tax holiday, which will take some time toplay out.

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