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While prospects have improved for welllocated malls and anchored unenclosed centers, there remains a large overhang of "strip" and specialty center space (much of it economically obsolescent) from the building boom of the 1980s. In this article we discuss a few documentable "generalizations" about the nation's retail sector.
THE RETAIL REVOLUTION AND NEW CONSTRUCTION
As has been well-publicized, the lion's share of the new construction today is being driven by large (often value-oriented) retailers seeking to establish market share. Nowhere is this phenomenon more evident than in Chicago, where the record amount of space recently completed or still under construction isjeopardizing its position on the "ten lowest inventory per square foot" list. Virtually all of the near 40 new centers that could come on-line this year in greater Chicago have power center configurationsi.e., a high proportion of anchor tenant space, usually consisting of...