A few weeks back, I wrote of a scenario in which few people would visit shopping centers this holiday season. Of course, it is imaginary, but now I’m starting to wonder a little more.
The University of Florida’s Bureau of Economic and Business Research released the results of a statewide survey Wednesday indicating that consumers plan to spend far less for gifts this year than in 2007, with reductions ranging from just under 20% to more than 50%. Not the kind of news that’s going to ring the bells at Florida retailers toward the end of an already tough 2008.
Now it’s up to retail landlords to look after their merchants a little better to help them get through the downturn, sector experts told a CREW Miami audience Tuesday. My colleague Crystal Proenza was there and filed this report for GlobeSt.com.
“Take care of your tenants, and work with those that are deserving,” Paco Diaz, senior VP with CB Richard Ellis in Miami, advised retail property owners. “Hang on to whoever you can until 2011, because by then it’s going to be a landlord’s market again.”
Personally, I worry about how children are affected more than anyone else this time of year. Kids are too young to understand things like downturns, bailouts or layoffs, and they don’t concern themselves with whether we’re in an actual recession or even a depression.
So no matter how bad things are right now, set a few dollars aside for the little ones so they don’t think Santa forgot them. Plenty of charitable groups are around to help make that happen. I’ll help the cause a little: You don’t need to get me anything this year.
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