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Monday Report
Former Dot-Com Markets Boom Again July 2nd, 2007


Utah Economic Snapshot

In the News!

Economic Notes:

This Weeks Leads:
 

SCORECARD

Former Dot-Com Markets Boom Again

"They're not technology centers, they are innovation centers"

Investors are clamoring for commercial real estate in markets that bounced hardest in the high-tech- boom-and-bust earlier this decade. This time around, however, cities like Austin, Texas and Portland, Ore. are developing more diverse local economies less reliant on software companies.

Investors and real estate service providers say these dot.com survivors retain virtually all of the qualities that drew knowledge firms in droves. Those attributes include good universities, a young populace with high education levels, and a vibrant culture to help attract and retain employees.

"They're not technology centers, they are innovation centers," says Ross Moore, vice president and director of market and economic research for Boston-based Colliers International. "The key is lots of smart people and lots of great universities. They all have that in common, and they attract young, smart people, which is where you go for new ideas."

Moore considers Austin, Boston and Portland to have been the top high tech markets outside of California's Silicon Valley. "Over the last five years, it's remarkable how those markets have all adapted," he says.

All of the former dot-com boom markets experienced office rent growth and declining vacancy rates in the 12 months that ended March 31, according to Boston-based Property & Portfolio Research. Vacancy rates in the first quarter ranged from a low of 12.6% in Seattle to a high of 18.7% in Boston. Austin posted a vacancy rate of 13.3%, down from 17.1% one year earlier, with rents climbing 13.7% over year-ago figures.

Austin leads job growth among the 54 metros tracked by Property & Portfolio Research, adding 30,900 jobs in the 12 months that ended March 31 for a growth rate of 4.3%. That compares with a national job creation rate of 1.4% for the same period. What's more, Austin's new jobs are in a variety of fields including government, health care, financial services and hospitality. Other dot.com veterans, including Portland, are experiencing a similar diversification beyond high tech in their employment growth.

Those growth trends are powerfully attractive to investors. So are barriers to entry by competitors, which in Austin include limitations on new big-box retail and a strenuous development approvals process. In Portland, new development is held in check by an Urban Growth Boundary, a geographic boundary set by Oregon municipalities to prevent sprawl and encourage density.

"It really does provide some certainty as to how fast or how slow growth can occur, and encourages infill and use of the infrastructure that already exists," says Pam Baker, an investment specialist at Colliers International in Portland. "Sprawl is not an option."

Pension funds and other investors looking for portfolio plays have fewer deals to choose from in these small markets, but that adds to their appeal by creating additional barriers to entry. By size, Austin is a secondary market with a metro population of about 1.5 million. The city's entire office inventory is just less than 39 million sq. ft., with only 8.4 million sq. ft. in the central business district. By comparison, Houston has nearly 36 million sq. ft. of office in its CBD alone, according to Grubb & Ellis.

Despite its size, Austin has attracted some of the world's largest investment groups. Earlier this month, a partnership led by Los Angeles-based Thomas Properties Group Inc. (NASDAQ: TPGI) closed on its $1.15 billion purchase of the former Equity Office Properties Trust portfolio in Austin from The Blackstone Group. The 10-building, 3.5 million sq. ft. deal marked the city's largest transaction by dollar volume.

"The Austin market has historically demonstrated a resilience atypical of other U.S. markets, where it continues to show net absorption even through the downturns," says John Cischo, executive vice president for development at Thomas Properties. "Businesses want to be in Austin because their employees are going to be happy there."

Foreign investors are staking claims in Austin as well. San Diego-based Constellation Property Group is preparing to launch a residential condominium development on the south bank of the Colorado River in downtown Austin. Eugene Marchese, the company's president, says nearly half of the project's development capital is Australian.

Employment gains are driving Austin's real estate investment activity, Marchese says. Job growth is a good barometer of the local economy's strength, suggesting good demand for housing. Austin's concentration of young professionals is particularly promising for developers of high-rise urban residential properties, he says. "Markets like Austin are a particular demographic that appeal to our type of product," he says. "We're excited about those markets where that demographic is healthily employed and looking to the future."

With the rise of service industry jobs and other non-manufacturing employers, there is little to tie companies to a particular market beyond the preferences of its customers and employees. For that reason, America's innovation centers are in a good position to attract new companies and drive demand for commercial real estate.

"People can live wherever they want," says Baker, the Portland broker. "The jobs have to follow the people."

Source: NREI, 2007

Boomers rewrite rules for marketing

Patricia Courtois, chief operating officer for Sarasota-based Clarke Advertising and Public Relations, spends a lot of time studying baby boomers and their spending habits.

After all, it was baby boomers who transformed fitness into a multibillion- dollar industry. The sheer number of boomers means they dictate trends, and if they embrace a business or a product, they can turn a struggling business into a success story.

Boomers -- the term applied to Americans born between 1946 and 1964 -- spend $2.1 trillion a year and they are a fickle crowd. Trying to capture them can be an exasperating experience for marketers.

One thing about them is certain: They want attention -- customer service and customized services -- when they spend their money.

Studies show that, unlike the generation before them, boomers are not loyal to any brand. They want quality, but they expect service to go with it.

"They are the 'Me Generation,' so they want attention and focus," said Courtois, herself a boomer at 52. "They are willing to pay a higher price for that. And that's why stores that are customer-focused continue to do well."

The boomer has changed the face of shopping. The "lifestyle mall" is all about them. The retail centers feature upscale shops, both casual and fine dining restaurants and an open-air feel with an eye to detail in landscaping and amenities.

Nearly a dozen lifestyle centers open each year, the International Council of Shopping Centers reports.

A new lifestyle mall -- planned on University Parkway and anchored by Nordstrom -- cannot get here fast enough for Margaret Callihan, a transplanted Nashville, Tenn., resident now living on Longboat Key.

"The sooner the better," said Callihan, 52. "They are just legendary for their customer service. We used to go to Atlanta over from Nashville just to shop at Nordstrom."

Callihan said shopping at Nordstrom was much more about the customer service than the brands the store carried.

"I don't care so much about brand or size," she said. "I want something that's quality and that looks good. If something has the name Chanel or whatever and it doesn't look good on you, it still doesn't look good on you."

John Keegan who moved to Sarasota from Boston four years ago, is not a shopper. When the 61-year-old enters a store, he wants quality merchandise, something that will last, look good and fit. He will shop for a brand if he can equate that brand to quality.

"That's where Sarasota is really evolving to meet that need," Courtois said. "When I moved here 20 years ago, you didn't have those options. I had to go to New York and Chicago to buy my children's clothes or my own clothes."

When it comes to marketing research, boomers get plenty of attention. They may just be the most studied generation ever, largely because their spending power is huge.

Clarke Advertising is not alone in tackling the generation and what they want, but they may be more intensely focused on boomers than most.

Courtois and her staff keep a diary of boomer habits, attitudes and activities. She spent Saturday at a triathalon on Siesta Key, not to compete, but to observe competitors in the age categories from 42 to 61.

"Wherever we are, we do observational research, and at our staff meeting everybody shares what they've observed that week," Courtois said. "This truly is an epicenter for baby boomers.

"Because we're here and working in this petri dish, we should be studying this market. We have a lot to offer that a lot of other markets do not."

Marketing and advertising companies across the country have put boomers under a virtual microscope.

AARP, a group focused on older Americans, has commissioned studies of the generation now reaching retirement, soon to outnumber AARP members of the previous generation.

Those studies show that those marketers who assume that as people age, they become more loyal to products and services will lose out on the boomer market.

Courtois said those companies that focus on demographics will lose out.

"They are not their age and their household income and gender," she said. "What they do with their free time and how they spend their money, understanding those psychographics makes us better able to reach them with advertising messages."

If companies are ignorant to boomers' needs and desires, they will almost certainly lose out on that market.

Wendy Mann Resnick, director for the United Cerebral Palsy foundation for Sarasota and Manatee, caught a commercial recently for a cellulite cream, obviously aimed at boomers, but featuring a 25-year- old model.

Resnick's reaction: "Gimme a break, I'm not buying that."

Source: ICSC

ABOUT BOOMERS

Marketing research shows:

  • Boomers spend $2.1 trillion a year; $157 billion on travel.
  • Boomers account for half of all spending in the U.S.
  • Women 45 to 54 spend more on apparel than any other age group.
  • Boomers make up 49 percent of affluent households in the U.S.
  • Boomers are used to being the center of attention.
  • Boomers do not tolerate ageism.
  • Boomers go online more than most Americans.
  • A boomer will turn 60 every seven seconds for the next 18 years.

Estimated boomer population 45- 64:

  • Holladay: 26.8%
  • Sandy: 24.8%
  • Farmington: 22.5%
  • Bountiful: 21.5%
  • Taylorsville: 21.3%
  • Layton: 19.8%
  • Salt Lake City: 19.5%
  • Orem: 15.4%
  • Provo: 9.4%

Source: U.S. Census, ESRI BIS, Bonneville Research 2007

Next Week - ''Suppies''

ICSC survey: Higher gas prices made U.S. consumers 'more efficient shoppers'

Rising U.S. gas prices continue to influence how U.S. consumers spend, but not necessarily how much they spend, according to an ICSC survey of 1,000 households conducted last week. About 60 percent of respondents reported reducing the frequency of their shopping due to higher fuel expenditures, but not reducing their discretionary spending over the past month on such items as clothing, shoes, jewelry, consumer electronics, beauty services or on non- essential items.

For those consumers that scaled back their discretionary spending, dining out was expense most likely to be cut. Slightly more than a quarter (26 percent) of households reduced their restaurant expenditures followed by approximately another quarter (23 percent) scaling back on travel. Entertainment spending was the third most cited area of reduction (12 percent) and then spending on clothing and shoes (11 percent).

Nearly a year ago when this question was asked previously, the percentage reporting a more efficient shopping pattern was nearly the same (59 percent) as the current survey response. Last year's survey found that restaurant spending (31 percent) and travel (18 percent) also ranked as the first and second most cited spending items due to higher fuel expenditures. However, last year, spending on clothing and shoes was more likely to be reduced (14 percent than this year's 11 percent) than it was this year.

"Consumers continue to be resilient and adjust their shopping patterns to reduce the negative impact of high fuel prices," said Michael P. Niemira, ICSC's chief economist and director of research. "With about two-thirds of households describing themselves as more 'efficient shoppers' - making fewer visits per store, but buying more or combining shopping trips better-as a way of coping with the higher gasoline cost. This compared with 59 percent reporting that in May 2006 and 52 percent reporting that in May 2004."

Opinion Research Corporation conducted the survey on behalf of ICSC from June 14 -17, 2007. The survey featured a sample of 1,004 adults, 18 years of age and older, living in private households in the continental United States.

Source: ICSC Newswire, 2007

Top 10 Markets to Watch

Salt Lake City, Albuquerque and Las Vegas

Last week, Irvine, Calif.-based investment sales firm Sperry Van Ness released its annual "Top 10 Markets to Watch" report. The report examines economic trends that directly lure future retail investment dollars. Unlike most research surveys that focus on current market data, the Sperry Van Ness report is highly speculative.

The top 10 retail markets to watch in 2007 include Albuquerque, Charleston, Raleigh/Durham, Salt Lake City, Dallas/Fort Worth, Houston, Phoenix, Tucson, West Palm Beach and Las Vegas.

"It's important to review a matrix of forward-looking economic factors when deciding where to acquire property because they are key indicators for a property's financial performance in the future," says Jerry Anderson, president of Sperry Van Ness, adding that information such as employment growth, personal income and vacancy are used to generate this report. "These are more credible than merely the past analysis of cap rates," he says. The Albuquerque retail market should benefit from a 1.63% population increase in 2007. The metro is also expected to post a 2.2% job growth rate. As for Charleston, which has one of the lowest costs of living in the nation, household income should jump by 5.36% in 2007. Like Albuquerque, Charleston should grow its population base by 1.63% this year.

Other findings from the report: Both Dallas/Fort Worth and Houston should absorb roughly 1.2 million sq. ft. of retail space despite being inundated with roughly 1.4 million sq. ft. of retail completions in both markets this year.

The market with the most impressive projected population growth is Las Vegas, where 72,000 new residents are expected move in this year. Another strong retail market is Phoenix. While 1.89 million sq. ft. of new retail space will debut in Phoenix this year, roughly 1.59 million sq. ft. is expected to be quickly absorbed.

"As they say in the business - retail follows rooftops," says Joseph French, national director of retail out of Sperry Van Ness' White Plains, N.Y. office. "A lot of these cities like Albuquerque and Charleston just aren't on the big investors' radar yet. But they might be on those screens soon."

Source: NREI, 2007
Greetings!

  • Former Dot-Com Markets Boom Again
  • Top 10 Markets to Watch
  • Higher gas prices
  • Boomers rewrite rules for marketing
  • Economic notes
  • This weeks leads

    Bob Springmeyer

    Bonneville Research


  • Utah Economic Snapshot
    		•

    Economic Snapshot - First Eleven Months FY2007

    • Sales and Use Taxes (Gen Gov't) +3.4%
    • Individual Income Taxes (Education) +12.5%
    • Corporate Franchise Taxes (Gen Gov't) +10.4%
    • Motor Fuel Taxes (Transportation) +5.3%
    • Severance Taxes (Gen Gov't) +3.7%

    Source: Utah State Tax Commission, 6/19/07

  • In the News!
    		•

    Recent Coverage of Bonneville Research Work

    New city may get its own police - Cottonwood Heights

    The Salt Lake Tribune

    COTTONWOOD HEIGHTS - This east-side city, freshly incorporated in 2005, is now considering jumping ship from Salt Lake County to set up its own cop shop.

    On Tuesday, the City Council gave unanimous approval to launch a feasibility study examining the cost to provide law enforcement services in-house.

    "There's a desire for more local control," said Mayor Kelvyn Cullimore, who helped spearhead an unsuccessful, multicity effort to form the Unified Police Department.

    "With that failure, we felt the need to explore other options," Cullimore said. "The silver lining in all this is that other self-providing cities are reaching out and saying we need to work together more."

    Cottonwood Heights is one of a handful of Salt Lake Valley cities - Bluffdale, Herriman, Holladay and Riverton are the others - that still contracts with the county for sheriff's services. Riverton already commissioned a study to self-provide and Holladay is considering doing the same.

    Results from west-side Riverton's feasibility study, conducted by Salt Lake City-based Bonneville Research, were unveiled last week.

    "Our concern is getting the best services we can for the best price," said Riverton Mayor Bill Applegarth.

    At present, Riverton is part of a precinct that includes Bluffdale, Herriman and unincorporated areas of southwest Salt Lake County.

    "One of the major frustrations I have right now is that Riverton taxpayers are paying to provide police services to Bluffdale," Applegarth said.

    Bluffdale currently pays for 2.5 deputies, which cover the small city for 10 of the 21 round-the-clock shifts. When needed, deputies from other parts of the southwest precinct fill the gap, said Applegarth.

    For $2.6 million, the county provides Riverton with 18 deputies and pooled services, such as SWAT, K-9 and homicide detail. Bonneville's study showed that one-time startup costs for its own force would approach $1.9 million, and operational costs for 31 officers would run $3.4 million,

    Applegarth said that the county agreed to crunch the numbers on what it would take for Riverton to have its own precinct. He expects to see those estimates by mid-July.

    Cottonwood Heights also selected Bonneville Research to conduct its $30,000 study, which should be ready for public perusal by September. The city's contract with the county ends on June 30, 2008.

    If more cities exit the county's umbrella, some city officials worry that the county's ability to provide for economies of scale will shrink accordingly.

    "The fear I have, if Riverton and Cottonwood Heights leave, instead of dividing the pie among five, it's then among three," said Holladay City Manager Randy Fitts in a recent City Council work session. "If we do sign a lengthy contract, then we're saddled with more expense."

    cmckitrick@sltrib.com

  • Economic Notes:
    		•

    • International Business Confidence
    • Despite stronger economic data in recent weeks, business sentiment has not materially improved. Confidence remains consistent with an economy that is expanding at just below its potential. This is particularly true in the U.S. Optimism is better than it was at the start of the year when the manufacturing inventory cycle was weighing heavily on sentiment, but sales remain lackluster and businesses continue to worry about the outlook for the last half of this year. South American businesses are the most upbeat, as are financial services firms. As has been the case for sometime, vehicle manufacturers and European businesses remain the least optimistic.
    • FOMC Meeting
    • The FOMC left the fed funds target rate unchanged at 5.25%, as expected. The changes to the statement were minor and firmly support the view that the committee remains in a wait-and-see mode: inflation is still the predominant concern and while inflation has improved in recent months, rates won't go lower until inflation slows further and remains well within the FOMC's comfort zone.
    • GDP
    • There was a small upward revision to economic growth in the first quarter. Annualized real growth was revised up to 0.7% for the quarter, from 0.6% in the preliminary estimate; this revision was in line with what the consensus had expected. The key factor behind the upward revision was stronger exports, which were revised up from -0.6% in the annualized "preliminary" report to 0.7% in this morning's "final" print. Offsetting this upward revision were downward revisions of personal consumption expenditures, from 4.4% to 4.2%, and of gross private domestic investment, from -9.3% to -9.6%. Growth remains below potential, with the housing market still a substantial weight.
    • Conference Board Leading Indicators
    • The Conference Board index of leading indicators rose a larger than expected 0.3% in May, reversing April's downwardly revised 0.3% decline (previously - 0.5%).
    • The Conference Board Consumer Confidence
    • The Conference Board index of consumer confidence fell in June to 103.9 from an upwardly revised 108.5 in May (previously 108). The decline was led by the present situation component, although expectations also fell.
    • Investor Optimism
    • After showing signs of improvement in May, investor optimism reversed course this month. In June, the UBS Index of Investor Optimism fell six points to 89. This month's decline only reverses a small portion of May's 21-point improvement. The latest dip in optimism is being driven by elevated energy prices and weakening housing markets.
    • ABC News/Washington Post Consumer Comfort Index
    • After flirting with its low for the year last week, consumer confidence inched slightly higher in the latest period. The ABC News/Washington Post consumer comfort index rose two points to -12 in the week ending June 24. The details showed that the improvement was isolated to the personal finances component, which got a lift from lower gasoline prices
    • Bankruptcy Filings
    • Personal bankruptcy filings continued to inch higher in the first quarter but still have only recovered a small portion of their post-reform decline. Filings were 66% above the first quarter of last year, but less than half of the first quarter of 2005. Business bankruptcies are following a similar pattern, up 54% from the first quarter of last year, but down 22% over the past two years.
    • State Personal Income
    • Personal income rose 2.2% in the first quarter of 2007, a faster rate of increase compared to 1.4% in the fourth quarter of last year. The first quarter rise in personal income reflects large bonus payments in the securities industry in January and February of this year. As a result, New York saw the largest quarter- over-quarter increase in income-4.7%.
    • Agricultural Prices
    • The preliminary All Farm Products Index of Prices Received by Farmers increased 2.2% in June from the previous month. The crop index rose 2.1% and livestock and products gained 1.5% in price. Higher prices were received for milk, corn, lettuce and soybeans, while cantaloupe, cattle, tomatoes and eggs fetched lower prices. Prices paid by farmers for inputs, interest, taxes and wages edged down 0.6% in the month. Farmers paid less for complete feeds, feed concentrates and feeder pigs. Higher prices for feed grains and diesel fuel were not enough to offset price declines elsewhere.
    • Chain Store Sales Snapshot
    • Chain store sales fell 0.7% in the week ending June 23 as cooler weather hurt demand for seasonal goods. Year-over-year growth eased to 1.7%, the slowest growth in seven weeks.
    • MBA Mortgage Applications Survey
    • Mortgage demand decreased 4.5% in the week ending June 22. Purchase applications decreased 5.7% and refinance applications decreased 2.5%. Mortgage demand is down and can be expected to remain so over the near term.
    • Existing Home Sales
    • May's existing home sales numbers finalize that this spring was one of the weakest housing markets in memory. Existing home sales declined 0.3% in May compared to April, according to the Realtors' data. The decline to 5.99 million annualized units is slightly better than anticipated. House prices are down about 2.1% from one year ago and the months of inventory jumped to 8.9 months.
    • New Home Sales (C25)
    • Following expectations, new home sales remained weak, declining by 1.6% from April's downward revision to an annualized rate of 915,000 units for May. The months of inventory increased to 7.1 months and the median sales price for new houses was $236,100.
    • Durable Goods (Advance)
    • New orders for manufactured durable goods fell a larger than anticipated 2.8% in May following an upwardly revised 1.1% rise in April (previously 0.6%). Shipments were up 0.4%, which comes on the heels of a 2% gain in April. Inventories were up 0.2% in May and unfilled orders posted another increase as well.
    • Jobless Claims
    • U.S. initial jobless claims decreased by 13,000 to 313,000.
    • The Conference Board Help Wanted Index
    • The index of newspaper help wanted advertising fell two points in May from an unchanged reading of 29 in April. Weakness in the labor market is reflected in declining advertising for open vacancies. At 27, the index stands at its all-time low.
    • Weekly Natural Gas Storage Report
    • Underground storage of natural gas increased by 99 billion cubic feet during the week ending June 22. This was substantially above expectations, which expected a build of approximately 82 Bcf. Expectations for inventory injections ranged from 88 Bcf to a low of 68 Bcf. Inventories are now 18% above the five-year average. This report is likely to have a bearish effect on price levels.
    • Oil and Gas Inventories
    • Crude oil inventories rose by 1.6 million barrels for the week ending June 22, according to the Energy Information Administration, far exceeding expectations. Gasoline stocks fell by 0.7 million barrels, far below expectations of a 1.2 million barrel build. Refinery activity rebounded nicely, increasing 1.8% to 89.4%. Distillate inventories plummeted 2.3 million barrels, well below expectations. This mixed release will exert modest upward pressure on crude oil prices.

    Source: Economy.com

  • This Weeks Leads:
    		•

    • Schakolad Chocolate Factory
    • Schakolad Chocolate Factory operates 33 locations throughout CT, FL, GA, MA, MI, NJ, NY, OH, TN, TX, VA, Washington, DC and internationally.
    • The shops, offering European style chocolates, occupy spaces of 1,200 sq.ft. to 1,600 sq.ft. in entertainment, lifestyle, specialty and tourist centers in addition to urban/downtown areas.
    • Growth opportunities are sought throughout the eastern, midstates and southern regions during the coming 18 months.
    • Typical leases run five years with a five- year option.
    • A vanilla shell is required.
    • Preferred cotenants include The Cheesecake Factory, Marble Slab Creamery and Starbucks.
    • Preferred demographics include a population of 50,000 within five miles earning $50,000 as the average household income.
    • Competition is cited as Godiva.
    • For more information, contact
      • Edgar Schaked,
      • Schakolad Chocolate Factory,
      • 5966 Lakehurst Drive,
      • Orlando, FL 32819;
      • Web site: www.schakolad.com.
    • Del Sol
    • Del Sol operates 75 locations nationwide and in Canada and internationally.
    • The shops, specializing in apparel, hats, accessories, jewelry, swimwear, nail polish and sunglasses, all of which change color in the sun, occupy spaces of 800 sq.ft. to 1,200 sq.ft. in high traffic tourist centers.
    • Plans call for 15 to 20 openings throughout the existing markets during the coming 18 months.
    • A vanilla shell is required.
    • Preferred cotenants include Crazy Shirts, Ron Jon's and Tommy Bahama.
    • For more information, contact
      • Dan Beckstead,
      • Del Sol,
      • 280 West 10200,
      • Sandy, UT 84070; Web site: www.delsol.com.
    • Mattress Discounters
    • Mattress Discounters, Inc. trades as Mattress Discounters at 127 locations throughout MA, MD, NH, RI, northern VA and Washington, D.C.
    • The stores, selling mattresses and other bed accessories, occupy spaces of 2,000 sq.ft. to 12,000 sq.ft. utilizing inline and pad sites of lifestyle and strip centers and freestanding locations.
    • Growth opportunities are sought throughout the existing markets during the coming 18 months.
    • Preferred demographics include a population of 150,000 within a five-mile radius earning an average household income of $40,000.
    • A five-year lease with options is the typical term.
    • The company will also acquire sites.
    • For more information, contact
      • Colin Harley,
      • Mattress Discounters, Inc.,
      • 9822 Fallard Court,
      • Upper Marlboro,
      • MD 20772- 6707;
      • Web site: www.mattressdiscounters.com.
    • Edo Japan
    • Edo Japan, Inc. trades as Edo Japan at 85 locations throughout AZ, CA, CO, FL, HI, ID, MD, NM, NV, OR, UT and WA.
    • The Japanese restaurants occupy spaces of 400 sq.ft. to 600 sq.ft. in mall locations and 1,200 sq.ft. to 1,500 sq.ft. in power and strip centers.
    • Growth opportunities are sought throughout HI and western Canada during the coming 18 months.
    • Typical leases run 10 years.
    • A vanilla shell is required.
    • For more information, contact
      • Tom Donaldson,
      • Edo Japan, Inc.,
      • 4838 32nd Street Southeast,
      • Calgary, Alberta, Canada T2B 2S6;
      • Web site: www.edojapan.com.
    • Cousins Subs
    • Cousins Subs, Inc. trades as Cousins Subs at 165 locations throughout AZ, CO, IL, IN, MI, MN, MO, ND, TX and WI.
    • The sandwich shops occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in endcaps.
    • Plans call for 30 openings throughout AZ, IL, IN, MN and WI during the coming 18 months.
    • Typical leases run five to 10 years.
    • A vanilla shell is required.
    • For more information, contact
      • Patrick McCabe,
      • Cousins Subs, Inc.,
      • North 83 West 13400 Leon Road,
      • Menomonee Falls, WI 53051;
      • Web site: www.cousinssubs.com.
    • B.Moss Clothing Co
    • B.Moss Clothing Co., Ltd. trades as B.Moss Clothing Co.
    • The 72-unit chain operates locations throughout AL, CT, GA, IL, IN, KY, MD, MO, NC, NJ, NY, OH, PA, TN, VA, VT and WV.
    • The women's apparel stores occupy spaces of 3,500 sq.ft. in malls.
    • Plans call for five openings throughout the existing markets during the coming 18 months.
    • Typical leases run 10 years.
    • Tenant improvement allowance is required.
    • Preferred demographics include a population 100,000 within 15 miles earning $55,000 as the average household income.
    • Competition is cited Ann Taylor Loft. For details, contact
      • Richard Moos,
      • B. Moss Clothing Co.,
      • 550 Meadowlands Parkway,
      • Secaucus, NJ 07094;
      • Web site: www.bmossclothing.com.
    • Swoozie's
    • Swoozie's , a 25-unit chain, operates locations throughout AL, CA, FL, GA, IL, NC, SC, TN and TX.
    • The high-end card and gift shops occupy spaces of 5,000 sq.ft. in lifestyle and power centers.
    • Growth opportunities are sought throughout Tampa Bay, FL during the coming 18 months, with representation by Colliers Arnold.
    • For details, contact
      • Jim Roberts c/o
      • Colliers Arnold ,
      • 4350 West Cypress Avenue, Suite 300, vTampa, FL 33607;
      • Web site: www.swoozies.com
    • Daniel's Jewelers
    • Sherwood Managements Co. trades as Daniel's Jewelers.
    • The 50-unit chain operates locations throughout CA.
    • The jewelry stores occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in malls and power centers.
    • Plans call for eight openings throughout the existing market during the coming 18 months.
    • Typical leases run five to 10 years.
    • Preferred cotenants include Macy's, JC Penney and Sears.
    • Major competitors are cited as Crescent, Kay Jewelers and Zales.
    • Send site submissions to:
      • Larry Sherwood,
      • Sherwood Managements Co.,
      • PO Box 3750,
      • Culver City, CA 90231.
    • Kerasotes Theater
    • Kerasotes Theater, a 75-unit chain, operates locations throughout CO, IA, IL, IN, MN, MO and OH.
    • The movie theaters occupy spaces of 40,000 sq.ft. to 70,000 sq.ft. in freestanding locations, malls, entertainment and power centers.
    • Plans call for five openings nationwide during the coming 18 months, with representation by Mid-America Real Estate. Send site submissions to:
      • Steve Frishman,
      • c/o Mid-America Real Estate,
      • One Parkview Plaza, 9th Floor,
      • Oakbrook Terrace, IL 60181.
    • Boloco
    • Boloco operates 21 locations throughout CA, IN, MA, NC, NH, OH and WA.
    • The restaurants occupy spaces of 2,000 sq.ft. in lifestyle and power centers in addition to street fronts.
    • Growth opportunities are sought throughout Los Angeles and Orange counties in CA during the coming 18 months, with representation by Epsteen & Associates.
    • Typical leases run 10 years.
    • For more information, contact
      • Steve Ganalon,
      • Epsteen & Associates,
      • 1429 4th Street,
      • Santa Monica, CA 90401;
      • Web site: www.epsteen.com.
    • Wireless Zone
    • Automotive Technologies, Inc. trades as Wireless Zone at 275 locations throughout CT, DE, FL, MA, MD, ME, MI, NH, NJ, NY, PA, RI, VA, VT and Washington, DC.
    • The stores, offering Verizon Wireless cell phones, services and accessories, occupy spaces of 600 sq.ft. to 1,400 sq.ft. in malls, freestanding locations, power and strip centers.
    • Growth opportunities are sought throughout the mid-western region during the coming 18 months.
    • Typical leases run five years with one-or two-year options.
    • A vanilla shell is required.
    • Preferred cotenants include Home Depot, Lowe's Home Improvement, Starbucks, Target and Wal*Mart.
    • Competition is cited Cingular, Metro PCS, Radio Shack and Sprint/Nextel.
    • For more information, contact
      • Jim Karrenbauer,
      • Automotive Technologies, Inc.,
      • 2101 Belair Road, Fallston,
      • MD 21047;
      • Web site: www.wirelesszone.com.
    • O'Reilly Auto Parts
    • O'Reilly Auto Parts, a 1,577-unit chain, operates locations throughout AL, AR, FL, GA, IA, IL, IN, KS, KY, LA, MS, MN, MO, MT, NC, ND, NE, OK, SC, SD, TN, TX, VA, WI and WY.
    • The automotive shops occupy spaces of 6,800 sq.ft. to 8,000 sq.ft. in freestanding locations.
    • Plans call for 290 openings throughout the existing markets during the coming 18 months.
    • For details, contact:
      • Curt Allen,
      • O'Reilly Auto Parts,
      • PO Box 1156,
      • Springfield, MO 65801-1156;
      • Web site: www.oreillyauto.com.
    • Le Creuset Store and Le Creuset Outlet Store
    • Schiller Stores, Inc. trades as Le Creuset Store and Le Creuset Outlet Store at 42 locations nationwide.
    • The shops occupy spaces of 1,500 sq.ft. to 2,500 sq.ft. in downtown areas, freestanding locations, lifestyle, outlet and specialty centers.
    • Growth opportunities are sought nationwide during the coming 18 months.
    • For more information, contact
      • Vikki Maggi,
      • Schiller Stores, Inc.,
      • 114 Bob Gifford Boulevard,
      • Early Branch, SC 29916.
    • Ruby Tuesdays
    • Ruby Tuesdays operates 100 locations throughout CT, NJ and NY.
    • The restaurants occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in endcaps and freestanding locations.
    • Plans call for four openings throughout the Bronx, Putnam, Rockland and Westchester counties in NY during the coming 18 months, with representation by Royal Properties, Inc.
    • Typical leases run 15 years with options.
    • A vanilla shell is required.
    • Preferred cotenants include Lord & Taylor, Target and T.J. Maxx.
    • Competition is cited as Applebee's and Chili's.
    • For more information, contact
      • David Landes,
      • Royal Properties, Inc.,
      • 850 Bronx River Road,
      • Bronxville, NY 10708;
      • Web site: www.royalpropertiesinc.com.

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