General Growth Properties, owner of 16 Florida shopping malls (along with dozens of others around the nation) was for decades considered the apotheosis of a conservative, steadily- growing, safe investment. Today, it's reported they have hired a bankruptcy lawyer. Take a look at the five-year stock price chart. No surprise, really. Looks a lot like they fell off the same cliff as retail sales.
Thursday, November 20, 2008
Mall Mauled
General Growth Properties, owner of 16 Florida shopping malls (along with dozens of others around the nation) was for decades considered the apotheosis of a conservative, steadily- growing, safe investment. Today, it's reported they have hired a bankruptcy lawyer. Take a look at the five-year stock price chart. No surprise, really. Looks a lot like they fell off the same cliff as retail sales.
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