For many in the retail industry, 2001 and 2002 are best described by the first line of Dickens' Tale of Two Cities, "It was the best of times, it was the worst of times . ." Since September 11, 2001, nothing has been the same for anyone, especially for store owners, developers, land owners and brokers in the retail industry.
Immediately after September 11, retail sales dropped significantly and, as expected, expansion and new store development was put on hold nationally by almost all retailers regardless of site, geographic area or product or price type. Existing service and neighborhood retail centers continued to be the heart and soul of the market while innovative, upscale projects suffered from the wait-and-see approach. Many retailers delayed expansion plans while others closed unprofitable units. With venture capital money much more restricted, many private restaurant and other privately owned chains stopped all expansion plans. Many deals that are now proceeding were
