General Growth Wants Simon to Raise Bid

General Growth's board is set to meet later on Thursday to weigh whether to postpone a bankruptcy court hearing in light of competing offers from Simon and investors led by Brookfield Asset Management Inc. The source added that nothing had been decided and talks continue with both parties.

Simon has offered to pay $18.25 per share for General Growth. It would also pay holders of $7 billion in General Growth unsecured debt in cash and assume about $18 billion in mortgages and other property-level debt. General Growth has asked Simon to come up with a higher price, which remains a 'big issue', the source said, adding that could be part of the board's deliberations if Simon did so.

The two sides have also had a meeting on antitrust issues, where Simon came up with a proposal to allay concerns around merging the two largest U.S. mall owners, the source said.

Simon rejected a counter proposal, but General Growth may now come back with a new counteroffer on antitrust issues, the source said.

The two sides have also been working on putting together merger documents so that they are ready to go should they reach a deal, the source said.

General Growth and Simon representatives were not immediately available for comment. The source is not named because the discussions are not public.



Source: Reuters

Retailing in the 21st Century

Today, the retailing industry is being buffeted by a number of forces simultaneously, e.g., increasing competition within and across retailing formats, the growth of online retailing, the advent of ‘radio frequency identification’ (RFID) technology, the explosion in customer-level data availability, the global expansion of major retail chains like Wal-Mart and METRO Group and so on. Making sense of it all is not easy but of vital importance to retailing practitioners, analysts and policymakers. With crisp and insightful contributions from some of the world’s leading experts, Retailing in the 21st Century is a compendium of state-of-the-art, cutting-edge knowledge for successful retailing today.

CLICK HERE TO BROWSE THE OUTLET INSIDERS BOOK STORE

Saks OFF 5th Continues Its Growth


New OFF 5TH stores will open in metropolitan Pittsburgh, Pennsylvania; Portland, Oregon; Houston, Texas; and Raleigh/Greensboro, North Carolina, and the OFF 5TH store in Riverhead, New York is undergoing renovation. The new OFF 5TH stores will range between approximately 23,500 and 29,000 square feet.

Robert Wallstrom, President of OFF 5TH, noted, "We are very pleased to continue the growth underway at OFF 5TH." The new and renovated stores will mirror the Company's innovative prototype store which opened with much success in 2008 in Orlando, Florida. Since then, the Company has opened ten new-formatted OFF 5TH stores across the country. The new OFF 5TH store design features a "luxury in a loft environment" that is modern and easy to shop including open floor plans, moveable fixtures, and brighter lighting. These new stores also feature enhanced merchandise offerings in several categories including jewelry, shoes, sunglasses and skincare.

Wallstrom continued, "Not only does our new format better showcase our merchandise selections and create a wonderful shopping environment, but we also have enhanced customer service through increased staffing."

For the full story you can visit MarketWatch

Sears opens first Fashion Outlet

Hoffman Estates , Ill. (Apr. 30) Sears Holdings opened its first store under the Sears Fashion Outlet banner on Friday, at Discovery Mills, in Lawrenceville, Ga.

The 30,000-sq.-ft. store carries end-of-season, discontinued, and overstock apparel, accessories and home fashions such as bedding from both Sears and Kmart stores. Items are priced 60% to 80% off the retail price. The Discovery Mills store is Sears first outlet format devoted to soft goods. Currently, Sears operates 99 Sears Outlet stores, which are mainly devoted to appliances, fitness equipment and hard goods.

"Sears' first Fashion Outlet provides a great format for shoppers to buy many of our name brands like Lands' End, Dockers, Apostrophe, Country Living and Cannon at bargain hunter prices," said Jamie Brooks, VP and president, Sears Outlet. “We wanted to bring great customer service and even bigger bargains to our apparel customers with an outlet dedicated entirely to fashion and home and thought the Discovery Mills was the perfect location."

The store will hold its official grand opening on May 15.

Original story from http://www.retailingtoday.com/

Simon again offers to buy all of General Growth

(Reuters) - Simon Property Group Inc (SPG.N) offered on Sunday to buy all of General Growth Properties Inc (GGP.N) in cash and stock along with a recapitalization bid as a backup plan in case there was a regulatory issue with a complete deal, according to a court filing and a source on Monday.

Simon, teamed up with Blackstone Group (BX.N), offered to pay $3.25 per share in cash and $10 per share in stock for core General Growth, the source said. Additionally, it also offered to pay for General Growth Opportunities, a new entity that would house certain General Growth assets, the source said.

Follow this link for the full story.

Alligator stops traffic near Tanger Outlet


An injured alligator stopped traffic in south Fort Myers Monday morning. A Lee County deputy spotted the eight-foot gator in the middle of Summerlin Road, just east of the Tanger Outlets. The deputy said it appeared that a car struck the alligator.

Tracy Hansen, a Florida Fish and Wildlife trapper, said it's common to come across gators because it's mating season. "The main time is during the night - that's their main activity time," he said.

The gator was seriously injured when trappers arrived on scene, and had to be put down.

source: www.naplesnews.com

Tanger Earnings Call Transcript

Steven Tangers comments on the call:

Thank you, Mona, and good morning, everyone. Our first quarter results came in strong with funds from operation increasing by 17.4%. The retail sector is growing as we had anticipated when compared to last year. Benefiting from strong March results and aided by the early Easter holiday shift, our tenant comparable sales for the rolling 12 months ended March 31, 2010 increased 3.1% to $342 per square foot. Sales for the first quarter increased 10.3% compared to the first quarter of 2009.

We are pleased to announce on April 8th that our Board of Directors approved an increase in our annual cash dividend rate from $1.53 to $1.55 per share. Our budget for 2010 currently anticipates yearend funds available for distribution ratio in the mid 60% range. That means our existing cash dividend is over 150% covered from operating cash flow and that we do not use our lines of credit to fund our cash dividend. We are very product of the fact that we have raised our cash dividend in each of the 17 years since becoming a public company in 1993.


If you would like to view the entire earnings call transcript from Tanger Factory Outlet Centers, Inc. Q1 2010 follow this link.

Cincinnati Premium Outlets profits fall

Simon Property Group Inc., which owns the Cincinnati Premium Outlets mall in Monroe, reported a drop in earnings for the first quarter as the company recorded a charge to pay off debt.

Simon, which owns Cincinnati Premium Outlets operators Chelsea Property Group, said Friday, April 30, that its funds from operations dropped to $325.6 million, or 94 cents a share, from $476.8 million, or $1.61, in the first quarter 2009. The debt cost came to $165.6 million, or 47 cents a share. Revenue increased 0.7 percent to $925.1 million.

As of March 31, about 92 percent of the company’s retail spaces were occupied, slightly lower than the fourth quarter. Comparable sales per square foot remained on par with last year’s results at $467.

Some improvement in revenue among Simon’s tenants prompted the company to raise the low end of its full-year profit forecast to $5.77 from $5.72 per diluted share. The highest it is projected to gain in 2010 is $5.87 per diluted share, according to the earnings report.

For the full article by Jessica Heffner, Staff Writer Dayton Daily News.

Simon Property: Federal Trade Commission Reviewing Prime Outlets Acquisition

Simon Property Group Inc.'s (SPG) chief executive said Friday the Federal Trade Commission is reviewing the company's $700 million acquisition of Prime Outlets Inc. announced in December.


"We have met with the FTC, and are fully cooperating in that review," said David Simon in a conference call with analysts and investors.

For the full article by A.D. Pruitt, Of DOW JONES NEWSWIRES

Lest We Forget

One of the reasons we chose to stay at the Gite Moulin was its close-ish proximity to Normandy.  About two hours from our little house (it took us over three) lay the graveyards of the thousands of British, Canadian, America (the list goes on) men who lost their lives after the D-Day invasion of June 6, 1944. 

I have always been incredibly emotional when it comes to anything World War II-related so it was no question I would find one of these cemeteries a tear-jerker.

Beny-Sur-Mer lies about a fifteen-minute drive from Juno beach.  In fact you can see the water & beach that over 65 years ago, thousands of soldiers stormed thus liberating France and winning the war.  One of those men was my great-uncle on my father’s side. My grandfather’s brother.



He is buried at Beny-Sur-Mer.

Perhaps my connection to WW2 lays in the fact a family member died fighting in it.  It’s not like I ever knew him.  To me, Douglas Groundwater is a faded black and white picture.  The older brother with his hand solemnly on my grandfather’s shoulder for a family portrait.  I’ve seen pictures of him smiling in his uniform, playing the bagpipes for the Nova Scotia Regiment before leaving for England.  His eyes shine.  I always find these sort of photos eerily fascinating.  These men who were so proud, even excited about where they were going, captured in one moment forever before they so gallantly sacrificed their lives.

But that’s all he was.  A name and a picture.

I didn’t write down the number of his grave from the Canadian government website because I stupidly assumed you could look it up when you get there.  You can’t.  So the Engineer and I split up, walking down the rows and rows of the nearly 2000 Canadian men (and I use that term loosely as most were 19).  Already I was an emotional wreck.  The tombstones are in order of death.  So most of the rows are from June 6, 1944. 

Families were given the opportunity to inscribe their loved-ones tombstones.  These last messages are what got me.

“No one loves like a mother” aged 19 – I burst out into tears.  This was someone’s little baby.

"I only have your memory dear husband to remember my whole life through.”   This soldier was only 21.  His young wife was probably only married to him for a few short months.  What happened to her?  Did she remarry?  Have a family?  Did she tell them about her first husband?  Could she always remember how he smelled?

“We will miss you.  Your wife and son” the soldier again being only 21.  Did his son ever meet him?

And then the worst:

“Known only to God” Someone’s son, brother, husband, lover, best friend lay under this French soil.  Unknown.  There were too many of these.

I got more and more frustrated, walking faster and faster desperate to find his grave first.  Tears streaming down my cheeks, runny nose.  I was a mess.  Then suddenly, my search was over as I let out a little ‘yelp’.  There it was in cold writing:

W.D. Groundwater 
Killed July 18, 1944
Love always from Mother, dad, May and Alistair



It hadn’t occurred to me to bring anything but I was so grateful to the Acme school in Alberta who had placed several Canadian flags on his grave.  This is the small town near our farm in Alberta.  Every year, they do a school trip to France.  Because my uncle was one of the only soldiers from our area (most, like my grandfather, stayed to farm for the war effort), the students learn about him and then visit his grave when they come to these cemeteries.  I think it’s a great program.  The further we are away from WW2 to more likely we are to forget.  For the modern teen, WW2 is just photos and a war.  But once you put a face, a family and their personal story in context, the war becomes real again.

I went to pick some daffodils, which I placed, on his grave.  Next time I come, I will make sure to bring some Alberta wheat.



I am not sure exactly how to describe the way I felt.  

 Firstly, seeing a grave made it so real.  This picture was a living, breathing man.  He was 35 when he volunteered for war.  An old man in comparison to other soldiers.  The younger men usually looked up to men my uncle’s age – I think for comfort as their own fathers were so far away.

The names on the tombstone made me cry.  All of those people:  Mother, Dad, May and Alistair (my grandfather) were also gone.  There was no one left on this earth that remembered what colour eyes Douglas had, or how his laugh sounded, or what he wanted out of life.

I know that he first volunteered and was sent to Edmonton.  Then he was transferred to the Nova Scotia regiment.  Maybe because he was a piper?  He wasn’t married, a confirmed bachelor.  Did he love a girl at home?  Was he planning on coming back to Canada and marrying her? 

He lived on the farm and worked with his father and my grandfather.  Therefore I was comforted by the landscape around the cemetery – fields of wheat, barley and canola.  He’s resting in a place that looked like home.

The cemetery was so peaceful.  Not a cloud in the sky, birds singing softly.  It was so hard to imagine what it must have been like in those first few months after D-Day.  The landscape destroyed, gunfire, bombs, and too much death to fathom.

D-Day was obviously successful.  But it took awhile.  The Allies were able to liberate many of the villages near the beaches.  Caen held off until July 18th.  The Germans were strong there and it took a great battle on the 18th to liberate it.  That was the day Douglas was hit when he was carrying a stretcher.  He served as a stretcher-bearer  - which makes me even sadder.  He was carrying another fallen man, maybe a friend, when he was struck. 

Again, so many questions:  did he suffer?  Did the other soldier die?  Was it a direct hit?  Who found him?  What was his last thought? 

My grandfather is long gone and I can’t ask him.  I only know that it was a terrible day when the farm got a call from the Acme post office.  Although the post office couldn’t tell my grandfather what it said, he knew what a telegram meant.  My dad says all he knows from his father was that that was a long drive. 

Douglas was seven years older than Alistair.  I wonder what their relationship was like.  I assume they were close.  Alistair probably looked up to him.  What about their mother?  How did she react? All these questions I now have and it’s too late to get an answer. 

I stood there thinking about those names on the tombstone, hoping they were all together again.  Somewhere around me. 

All of these faceless names.  They all have stories like mine.  Somewhere out there, they all have great-nieces, grandsons, widows or sisters that still think of them.  These thousands of boys who never had a chance.

We went to the Juno beach museum that was built by the Canadian veterans.  The Engineer and I tried to imagine this beach on June 6.  It’s impossible.

I think it is important to remember this war because it really meant something.  I know our generation is anti-war and we live in a time when there is what seems to be a senseless war in Iraq. 

My other grandfather was in the British Navy.  He couldn’t wait to sign up to go to war.  I once asked him if he had been scared.  His answer was no nonsense and trite:  Well Sarah, it was either fight or be German. 

WW2 had an actual cause.  There was an actual imminent threat.  When it says ‘he sacrificed his life for his friends’ the tomb isn’t lying.  If Hitler had gotten the UK, Canada would have been left open.  Our soldiers really did fight for us. 

Again, it’s hard to understand the mentality.  The bravo of these men.

Seeing Douglas’s grave made me proud to be linked to him.  There have only even been two Groundwater’s in France, and one of us gets to go home. 

Beny-Sur-Mer is humbling.  It’s emotional even without a family connection.  I’m happy it’s so well tended and loved.  There were many people visiting, and they weren’t even Canadian.  Which makes me think we will truly never forget.






























 
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