Fighting Yoda

General Growth Properties Bankruptcy: Not the End of Malls

I think the bottom line is there is too much retail space and there are too many stores. There would be store closing for all types, and likelihood of some big retailers going under after Christmas is very high. It could be Dillards, Sears, or even some small retailers. Whether we have bankruptcies or not - store closing will happen - this has huge impact on the mall traffic, rents and occupancy.

GGP is already on the brink - this Christmas is make or break for them - I think they would have come at the end of the line. But the only caveat being - bailouts. CREs are the next target of bailouts - so anything can ultimately happen.