Pursuits
Mall Owners Go From First to Last as Spending Slows: Mortgages
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Mall owners, the best-performing U.S. property stocks for four years, have tumbled to the worst as sluggish retail sales and limited opportunities to expand drive investors to look elsewhere for earnings growth.
Real estate investment trusts that own regional malls reported the smallest increase in tenant sales per square foot in three years in the second quarter, according to data compiled by Bloomberg. Nordstrom Inc. cut its revenue forecast for the year and Macy’s Inc. and Aeropostale Inc. disclosed declines in consumer purchases.