Sam Zell describes retail real estate as a “falling knife”

Country has several obsolete shopping centers, according to developer

New York /
Mar.March 20, 2018 10:00 AM

Sam Zell and Toys “R” Us (Credit: Getty Images)

Retail’s well-publicized struggles are still far from over, according to Sam Zell.

The chairman of Equity International Group and Equity Residential discussed the state of the industry Tuesday morning on Bloomberg Daybreak, where he described retail as “still a falling knife.” The United States has more retail per population than any other country, which has led to “an enormous number of obsolete shopping centers,” he added.

Zell also weighed in on the fate of Toys “R” Us, which recently announced plans to close all of its stores in the country.  Zell said the shopping centers that are now obsolete are the same places where stores like Toys “R” Us used to thrive and that he does not think Amazon would have any interest in the company.

Zell sat down for an interview with The Real Deal last year, where he discussed subjects ranging from Blackstone Group’s purchase of Equity Office Properties Trust to his business selling Playboy magazines as a child. [Bloomberg]Eddie Small


Related Articles

arrow_forward_ios
(Getty)
Manhattan office leasing jumps as availability and rents drop
Manhattan office leasing jumps as availability and rents drop
New York attorney general Letitia James and 109-20 Queens Boulevard in Forest Hills (Getty, Google Maps)
Pinnacle’s Joel Wiener penalized for hiding condo conversion costs
Pinnacle’s Joel Wiener penalized for hiding condo conversion costs
(Photo Illustration by The Real Deal with Getty Images)
US retail real estate rises from the ashes
US retail real estate rises from the ashes
Rubenstein Partners' David Rubenstein and 25 Kent Avenue in Williamsburg (Getty Images, Twenty Five Kent, Rubenstein Partners)
Rubenstein rolls co-working company into 25 Kent
Rubenstein rolls co-working company into 25 Kent
Friedkin Property's David Friedkin 2 Canfield Avenue (LinkedIn, Google Maps, Getty)
GID sells multifamily complex for $113M
GID sells multifamily complex for $113M
Tishman Speyer's Rob Speyer, LeFrak’s Richard LeFrak, Equity Group Investments' Sam Zell and BXP's Owen Thomas with 520 Madison Ave, 59-17 Junction Boulevard, 180 Montague Street and 601 Lexington Ave (Tishman Speyer, Getty, BXP, Google Maps)
As city wields stick, real estate players seek state’s de-carb carrot
As city wields stick, real estate players seek state’s de-carb carrot
Regal Ventures’ Alexander Smith with 301 West 53rd Street (LinkedIn, Fifty Third and Eighth, Getty)
Regal Ventures picks up Midtown retail condo in strong week of i-sales
Regal Ventures picks up Midtown retail condo in strong week of i-sales
Wharton Properties’ Jeff Sutton with 1551-1555 Broadway
Sutton faces foreclosure on Times Square American Eagle
Sutton faces foreclosure on Times Square American Eagle
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...