RNC's Steele Laughs Off Recession: "The Malls Are Just As Packed" (No, They Aren't)

[babylonsister]

http://tpmdc.talkingpointsmemo.com/2009/04/steele-laughs-off-recession-the-malls-are-just-as-packed-no-they-arent.php?ref=fp2

Steele Laughs Off Recession: "The Malls Are Just As Packed" (No, They Aren't)
By Eric Kleefeld - April 10, 2009, 3:35PM



Michael Steele is at it again -- this time denying that there's a severe economic crisis going on, while guest-hosting Bill Bennett's radio show, and laughing about it:

Audio at link~

After a caller said he didn't see anybody spending less money than usual, Steele replied: "I've heard a number of people say that across the country. {LAUGHTER} The malls are just as packed on Saturday. {LAUGHTER}"

In fact, according to market research, malls have been losing stores at an increased rate, as the consumer base has gone down.

*********************************************

Study: Store Vacancy At Malls Rose 9.5% In First Quarter

Malls shedding stores at record pace

Vacancy rates at strip malls, neighborhood markets and community centers accelerate as retailers confront spending slump, industry report says.


NEW YORK (CNNMoney.com) -- Strip malls, neighborhood centers and regional malls are losing stores at the fastest pace in at least a decade, as a spending slump forces retailers to trim down to stay afloat, according to a real estate industry report.

The consequence for consumers: Fewer stores to shop and less product choice.

In just the first quarter of 2009, retail tenants at these centers have vacated 8.7 million square feet of commercial space, according to the latest report from New York-based real estate research firm Reis.

That number exceeds the 8.6 million square feet of retail space that was vacated in all of 2008.

Reis' report shows that store vacancy rates at malls rose 9.5% in the first quarter, outpacing the 8.9% vacancy rate registered in all of 2008, and marking the largest single-quarter jump in vacancies since Reis began publishing quarterly figures in 1999.

"These record numbers are symptomatic of the pervasive weakness that we're seeing across economic sectors," said Victor Calanog, director of research with Reis.

more...

http://money.cnn.com/2009/04/10/news/economy/retail_malls/index.htm?section=money_news_economy

[Realityhack]

1. A republican Liar... well I'll be. Never thought it would come to that.

Sarcasm in case you couldn't tell.

[phantom power]

2. Also, we might do something crazy like measure spending changes.

I also see "a lot of people" at the mall, but that doesn't mean they're spending as much when they go.

[rvablue]

3. Mr. Steele needs to remind himself that he lives in one the most economically healthy

regions in the US right now.

Time to step outside the Beltway, Steele, and take a look around.

Many, many Americans are hurting right now!

[SemiCharmedQuark]

4. LOL...I love you Michael Steele...

[SpiralHawk]

5. "All my fatcat, tax-cut-padded republicon cronies are doing fine." - Steele

"The Big Boys are still counting up their oil & munitions & mercenary profits from our little lie-based Republicon Profiteering Crusade in the Middle East, and otherwise on cruise control. Too bad about you noisy American proles. Sneer. Smirk."

- Steele (R)

[progressoid]

6. dumbass.

[WI_DEM]

7. Steele, like Palin, is the gift that keeps giving.

[firedupdem]

8. What an idiot. Keep it up Mike. n/t

[lapfog_1]

9. Less than a month ago I was at Valley Fair mall

in San Jose, Ca. This is the premier mall for Silicon Valley. I was there on a Thursday morning about 10:30am.

I virtually had the entire mall to myself (expect for store workers... and where the usual small store had 4 or 5 workers,
this time you would be lucky to see two, most stores had only one employee).

I think there may have been less than 100 customers in the entire mall. Parking was not a problem at all, I parked in the
front row of the nearest parking lot.

This mall is HUGE. 100 people might wander around and almost never see each other.

[TheCowsCameHome]

10. He's a perfect fit for the GOP - brain dead and out of touch.

[orleans]

12. (thanks for reminding me--i'm going to go make a black cow!) n/t

[MidwestTransplant]

11. This guy embarasses himself everytime he opens his mouth