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Retail Real Estate Markets in Connecticut

Retail Real Estate Markets in Connecticut. Presented by: R. Michael Goman President & Chief Executive Officer Konover Development Corporation. Industry Outlook & Upcoming Holiday Season . Same-Store Sales January 05-September 06. Source: ICSC.

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Retail Real Estate Markets in Connecticut

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  1. Retail Real EstateMarkets in Connecticut Presented by: R. Michael Goman President & Chief Executive Officer Konover Development Corporation

  2. Industry Outlook & Upcoming Holiday Season

  3. Same-Store Sales January 05-September 06 Source: ICSC

  4. Same-Store Sales 2006 YTD Growth Rates by Category Source: ICSC

  5. Largest Retailers’ Same-Store Sales2006 YTD Growth Rates Source: ICSC

  6. The Luxury Market • Well-heeled consumer and Moderate income consumer selectively “trading up” • High-end and “accessible” luxury • ICSC’s luxury index 2006….+5.8% 2005….+6.2% 2004…..+9.6% • Distinct market opportunity: clear product differentiation and relatively “recession-proof” • High-end anchors filling middle-market department store space attracting upscale specialty stores

  7. New Retailers are Filling Gaps & Driving Occupancy Growth • Retailer bankruptcies down • Poor performers being taken private • Established retail names still growing and creating new concepts; e.g. “Soma,” “Forth & Towne,” “Jimmy ‘Z” “One Thousand Steps” “Martin + Osa” “Cusp”

  8. Small Center Challenges • Sears/Kmart turnaround still a concern • Middle market grocery chains are coming to grips with their competitive challenges • Living with extreme discounters/wholesale clubs

  9. Open-Air CentersRetail Chain Store Growth, 2001-2005 Source: ICSC

  10. 2006 Holiday Season • Positive one for Nation’s Retailers • For November-December, ICSC forecasting an increase of +3.0% vs. 3.6% in 2005 • Gift cards are extending the holiday season • For November-January, ICSC is forecasting an increase of +3.5%

  11. 2006 Holiday Season • Gift Cards – Not recorded until redeemed • Gift Cards and Holiday Expenditures • 2003 = 13.5% • 2004 = 14.4% • 2005 = 12.0% • For 2006, likely to capture between $30 and $40 billion in holiday expenditures

  12. Total Returns—Privately Owned Property

  13. Total Returns—REITs

  14. Format Evolution • Distinctions blurring between center types; combining best features of different formats • New formats challenge the traditional shopping center definitions • Developers are densifying the trade area of existing centers by adding residential, hotel and office • Mixed-use and master planned communities are becoming commonplace - hundreds in the pipeline

  15. Retail Real EstateMarkets in Connecticut Presented by: R. Michael Goman President & Chief Executive Officer Konover Development Corporation

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