Michael Niemira , chief economist of the New York-based International Council of Shopping Centers, says there is a trend toward "smaller footprints" for shopping centers. Niemira talks with Bloomberg's Ken Prewitt and Tom Keene on Bloomberg Radio's "Bloomberg Surveillance."
In March, Ralph Ronzio went to a warehouse in a seedy part of Orange County, California, and watched a man auction off his condo for half what he’d paid for it. Ronzio had bought the place for $329,000 in 2005, when he moved to Southern California from Rhode Island to take a job at a data-storage company. It was the first place he’d ever owned.
U.S. retailers’ sales will climb 3.4 percent this holiday season, slightly more than last year, even as companies expect more modest spending from consumers facing higher payroll taxes and economic uncertainty.