SPG - Holiday Spending Looks To Disappoint Even Modest Forecasts

• Despite small overall retail sales gains in October, spending trends have weakened significantly in recent weeks, abruptly reversing the strong retail recovery in physical stores.
• Sales in shopping centers are poised to decline again this autumn and winter, particularly in restaurants and indoor malls.
• Online retailers will fare much better as Americans hunker down for the winter but over retail spending will be restrained by weakening consumer finances.
• The critical holidayseason looks to be weaker than many analysts expect, dimming the outlook forretail REITs and their tenants.

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