Commerce / Cushman & Wakefield - Las Vegas Commercial Real Estate Retail 3rd Qtr Market report

2. COMMERCE CRG is a regional real estate firm dedicated first
and foremost to our clients. With the industry’s premier
professionals, and industry leading technology, our mission is to
exceed our clients’ expectations through service excellence.
C o m m e r C e C r G | t h i r d Q ua r t e r - 2 0 0 9 | r e ta i l m a r k e t r e v i e w

3. RETAIL MARKET INDICATORS
Change Since
Current 3Q09 3Q08 LAS VEGAS
RETAIL MARKET OVERVIEW
Vacancy 12.74%
Lease Rates $1.92 NNN
Net Absorption * (2.5 million)
Construction N/A
*The arrows are trend indicators over the specified time period, and do not represent a positive or negative
value. (e.g., absorption could be negative but still represent a positive trend over a specified period.)
RETAIL MARKET OVERVIEW
AT A GLANCE By end of third quarter, vacancies reached new highs with
approximately 6.9 million square feet of available product
Vacancy Rates Reached New Highs coming online. This equates to a 12.74% vacancy factor. Above-
Overall vacancy rates reached another high during the quarter at 12.74%. This is a
3.25% jump from second quarter 2009 and a 6.74% raise from a year ago. Freestanding average vacancies were noted in the Southwest (19.43%), North
product type is showing the highest vacancy rates at 21.92%. Vacancy increases during Las Vegas (16.70%), Nellis (15.40%) submarkets. By product
the year were impacted by several store closings due to the current economic
conditions.
type Strip Centers (21.87%) and Freestanding (21.92%) retail
buildings posted the highest vacancies at the end of the quarter
Rents Remained Stable as discretionary spending pulled back, further impacting the
As Landlords are faced with a “Tenant” market, they are seeing many retailers viability of small business owners. The retailers that are pulling
renegotiating for lower rents and asking for more concessions as their leases come
through the recession have enjoyed the current vacancy. The
up for renewal. Negotiations like these and more up-front incentives help stabilize and
even lower the overall average lease rates. Currently, the Las Vegas market is showing old time saying “location, location, location” really means
annual averages lease rates at $23.04 per square feet (psf). This is a drop from last something right now to the retailers that can make the move to
quarter at $23.64 psf and higher of a drop from a year ago when rates where at $26.16
more premier locations as rental rates are lowered and become
psf.
more affordable.
Challenging Outlook for Las Vegas Continues
According to a report in Time magazine the new rage in retail
Looking forward, the retail sector is expected to continue to face challenges posed by
a troubled employment market, low consumer confidence levels and a still struggling
leasing is something called “pop-up shops.” Pop-up stores, or
housing market. Vacancy rates are expected to continue upward into the foreseeable
temporary retail outlets, are one way for landlords to fill an ever
future. The task of identifying tenants who have a need for space in some of the larger
growing amount of retail vacancy. According to Mike Kraus,
units and filling more than 6.9 million square feet of available product will be difficult
in the next year. “pop-ups are an opportunity for both entrepreneurs and big
brands to make some money without having to worry about
the overhead of a five-year lease.” Pop-ups are not just for mom
and pop operations. According to the report Toys “R” Us is looking to replace the former KB Toys, by opening 350 holiday express toy
outlets during the holiday season. Other retails that have dabbled in the pop-up concept include American Eagle, Gap, JC Penny, Ann
Taylor and Gucci. With long vacancy times Landlords are looking for some part time foot traffic and retailers gain opportunities to
create buzz on special products and/ or short term sales during important shopping months.
Pricing (Average Asking Rents)
Weak consumer spending and troubled employment is forcing many businesses to close and the demand for retail space is shrinking.
This activity has lowered the average asking rents around the valley. Average asking rents witness a decline to $1.92 per sf/mo NNN
during 3rd quarter 2009, which was slightly below the $1.97 per sf/mo NNN reported in the preceding quarter (Q2 2009) and further
below the $2.18 per sf/mo NNN reported one year ago. The amount of product available at year-end represented an all-time high,
which will likely contribute to continue softening in retail prices.
C o m m e r C e C r G | t h i r d Q ua r t e r - 2 0 0 9 | r e ta i l m a r k e t r e v i e w

4. OUTLOOK
As the winter months approach the temperatures are not the only thing
dropping around the valley. Turbulent debt markets and a slowing
LAS VEGAS
economy has finally hit the commercial real estate market. According RETAIL MARKET OVERVIEW
to a Federal Reserve official, “The strong headwinds that are facing
financial institutions in the United States will likely continue for some
time and struggles for the commercial real estate market are far from
over.” Prices of existing commercial properties have declined sharply
from their record highs and will likely continue to decline. Market
conditions are expected to remain sluggish all throughout 2010 as the
Las Vegas, Nevada | Commerce CRG
economy works it’s way out of the recession. Also effecting a faster
Third Quarter 2009
recovery in the retail market come from a combination of all-time
low levels of consumer confidence and the highest unemployment
numbers that we have seen in 26 years. The current 10.2% (SF) and Vacancy Rate (%) equates to 15.7 million workers that remain
Retail: Inventory national unemployment rate
jobless. According to the Labor Department “the largest job losses were in construction (down 62,000), manufacturing (down 61,000)
60,000,000 14.0%
and retail (down 40,000). Chief economist, Alan Levenson stated that “It’s not surprising to see continuing job losses in the retail sector
12.0%
because too many stores were built in response to overzealous consumer spending fueled by borrowing.” Although most economists
55,000,000
report that the recession ended sometime in June, people are still afraid to spend money as unemployment 10.0% going up.
keeps
50,000,000
As the Holiday shopping season fast approaches, negative sales forecast are already hitting the news. Last 8.0% at this time retail sales
year
45,000,000
fell 3.4% and this year is looking no different as shoppers continue to worry about credit card debt and sky high unemployment rates.
6.0%
Intense price wars and early “Black Friday” specials is the approach many retailers are taking to prepare for the Holiday season. With
40,000,000
fewer spending dollars and a consumer mind set of buying only products that they need, Retailers will have to prepare for the holiday
4.0%
consumer spending war.
35,000,000 2.0%
Looking forward, incremental job growth is anticipated to be limited, with nearly every sector pointing toward continued contraction
30,000,000 0.0%
in 2010. Income and spending levels are also likely to remain depressed, as consumers pull pack in the face of uncertainty. These
7
7
7
8
8
5
5
6
6
6
6
7
8
8
9
9
9
conditions will force retailers to shift their business models back to the pre-boom era, a change that can be difficult to achieve. That
30
40
10
20
30
40
20
30
10
20
30
40
10
20
30
40
10
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
said, opportunities for those seeking expansion or entrance into the Las Vegas market over the next several years should be attractive
from a pricing perspective.
Retail: Vacancy (%) and Ave. Lease Rates
25.00% $2.50
$2.22
$1.95 $2.29 $2.19
20.00% $2.09 $2.00
$2.03
$1.62
$1.82
15.00% $1.57 $1.50
$1.45
10.00% $1.00
5.00% $0.50
0.00% $0.00
n
st
y
l in
s
t
t
t
lis
st
es
as
es
ll e
so
ga
we
Ea
l
er
Ne
hw
lE
lW
Va
er
Ve
m
rth
nd
ra
ut
m
ra
en
s
No
nt
So
He
Su
La
nt
re
Ce
Ce
G
rth
No
C o m m e r C e C r G | t h i r d Q ua r t e r - 2 0 0 9 | r e ta i l m a r k e t r e v i e w

5. Commerce CrG
Las Vegas retail market report Q3 2009
inventory vacancy Demand & Supply Pricing
No. of existing under Const. Planned Vacancy Net Gross New asking rent (NNN)
Bldgs. SF SF SF SF rate absorption Spaced Supply Low high avg.
Central east
Community Centers 21 3,522,124 - - 459,114 13.04% (446,114) 5,000 - $0.75 $3.50 $1.66
Freestanding 8 257,490 - - 46,016 17.87% (25,050) 5,175 - $0.99 $2.10 $1.25
Neighborhood Centers 6 399,098 - - 122,022 30.57% (101,902) 4,500 - $0.75 $4.00 $2.59
anchorless Strip 34 1,320,265 - - 152,271 11.53% (21,024) 83,450 - $0.65 $4.00 $1.31
total 69 5,498,977 - - 779,423 14.17% (594,090) 98,125 - $0.65 $4.00 $1.62
Central west
Community Centers 33 5,430,029 - - 595,413 10.97% (18,734) 321,268 - $0.55 $3.23 $1.57
Freestanding 2 90,320 - - 4,950 5.48% (3,750) - - $0.99 $1.60 $1.30
Neighborhood Centers 19 1,418,919 - - 129,745 9.14% (71,400) 26,793 - $0.90 $3.00 $1.55
anchorless Strip 42 1,516,814 - - 206,224 13.60% (140,612) 3,117 - $0.50 $2.50 $1.40
total 96 8,456,082 - - 936,332 11.07% (234,496) 351,178 - $0.50 $3.23 $1.45
east
Community Centers 18 2,884,687 - - 174,879 6.06% 418,867 453,325 47,000 $0.95 $4.50 $1.74
Freestanding 3 135,336 - - 51,910 38.36% (47,748) - - $1.45 $3.25 $2.43
Neighborhood Centers 3 476,680 - - 42,898 9.00% (30,234) - - $1.50 $3.35 $2.21
anchorless Strip 14 488,185 - - 113,501 23.25% (40,237) 15,553 - $0.85 $2.25 $1.40
total 38 3,984,888 - - 383,188 9.62% 300,648 468,878 47,000 $0.85 $4.50 $1.95
Green valley
Community Centers 33 6,422,389 - - 485,648 7.56% (113,807) 86,492 - $0.90 $4.00 $2.04
Freestanding 4 189,929 - - 55,446 29.19% (27,275) 17,086 - $0.99 $1.85 $1.61
Neighborhood Centers 20 2,019,865 - - 312,719 15.48% (85,915) 107,805 276,000 $1.00 $3.50 $1.87
anchorless Strip 21 740,566 - - 181,335 24.49% (24,879) 55,102 24,336 $0.40 $4.00 $1.77
total 78 9,372,749 - - 1,035,148 11.04% (251,876) 266,485 300,336 $0.40 $4.00 $1.82
Henderson
Community Centers 9 1,713,893 - - 211,208 12.32% (146,142) 6,725 32,175 $1.00 $4.00 $2.07
Freestanding 3 115,059 - - - 0.00% - - -
Neighborhood Centers 3 295,539 - - 7,400 2.50% (4,100) - - $1.75 $2.25 $2.06
anchorless Strip 3 191,977 - - 33,452 17.43% 38,569 50,921 40,401 $0.75 $3.50 $2.53
total 18 2,316,468 - - 252,060 10.88% (111,673) 57,646 72,576 $0.75 $4.00 $2.22
Nellis
Community Centers 8 1,235,823 - - 66,588 5.39% 41,278 54,341 - $0.85 $2.55 $1.53
Freestanding 3 170,340 - - 38,535 22.62% (16,135) 20,000 - $0.83 $2.12 $1.35
Neighborhood Centers 11 809,449 - - 213,330 26.35% (195,034) 1,666 - $0.75 $3.75 $1.94
anchorless Strip 15 458,204 - - 93,288 20.36% (10,392) 27,841 - $0.50 $3.50 $1.46
total 37 2,673,816 - - 411,741 15.40% (180,283) 103,848 - $0.50 $3.75 $1.57
North las vegas
Community Centers 24 4,817,384 - - 726,631 15.08% (461,295) 27,125 999,812 $0.99 $4.00 $2.31
Freestanding 1 22,200 - - 22,200 100.00% (9,800) - - $2.00 $2.00 $2.00
Neighborhood Centers 18 1,566,598 - - 238,989 15.26% (40,458) 98,308 - $0.99 $5.00 $2.00
anchorless Strip 10 381,727 - - 145,810 38.20% (126,600) 7,954 - $0.49 $3.50 $1.82
total 53 6,787,909 - - 1,133,630 16.70% (638,153) 133,387 999,812 $0.49 $5.00 $2.03
Northwest
Community Centers 18 3,580,766 - - 284,993 7.96% (107,931) 27,000 - $0.80 $3.75 $2.22
Freestanding - - - - - #diV/0! - - -
Neighborhood Centers 12 792,754 - - 195,269 24.63% (133,665) 24,337 152,380 $0.99 $4.00 $2.25
anchorless Strip 5 162,572 - - 16,461 10.13% (13,061) 1,000 - $1.00 $3.25 $2.39
total 35 4,536,092 - - 496,723 10.95% (254,657) 52,337 152,380 $0.80 $4.00 $2.29
Southwest
Community Centers 18 3,947,674 - - 605,583 15.34% (311,448) 5,142 - $1.00 $4.00 $2.27
Freestanding 1 25,300 - - 1,500 5.93% (1,500) - - $2.25 $2.25 $2.25
Neighborhood Centers 11 1,046,156 - - 93,322 8.92% 11,154 48,607 159,300 $1.25 $3.25 $2.26
anchorless Strip 44 1,631,441 - - 590,877 36.22% (311,750) 64,414 - $0.99 $5.00 $1.96
total 74 6,650,571 - - 1,291,282 19.42% (613,544) 118,163 159,300 $0.99 $5.00 $2.19
Summerlin
Community Centers 17 3,253,457 - - 126,489 3.89% 33,105 75,223 - $0.75 $5.00 $2.55
Freestanding - - - - - 0.00% - - -
Neighborhood Centers 9 602,605 - - 40,507 6.72% (19,173) 4,613 - $0.40 $3.25 $2.15
anchorless Strip 12 384,521 - - 57,934 15.07% (32,758) 13,594 - $1.00 $3.25 $1.57
total 38 4,240,583 - - 224,930 5.30% (18,826) 93,430 - $0.40 $5.00 $2.09
las vegas total
Community Centers 199 36,808,226 - - 3,736,546 10.15% (1,112,221) 1,061,641 1,078,987 $0.55 $5.00 $2.00
Freestanding 25 1,005,974 - - 220,557 21.92% (131,258) 42,261 - $0.83 $3.25 $1.74
Neighborhood Centers 112 9,427,663 - - 1,396,201 14.81% (670,727) 316,629 587,680 $0.40 $5.00 $2.09
anchorless Strip 200 7,276,272 - - 1,591,153 21.87% (682,744) 322,946 64,737 $0.40 $5.00 $1.76
total 536 54,518,135 - - 6,944,457 12.74% (2,596,950) 1,743,477 1,731,404 $0.40 $5.00 $1.92
C o m m e r C e C r G | t h i r d Q ua r t e r - 2 0 0 9 | r e ta i l m a r k e t r e v i e w

6. LAs VEgAs | RETAIL GRAPHS
Las Vegas, Nevada | Commerce CRG
Third Quarter 2009
Retail: Quarterly Vacancy
14%
13%
12%
11%
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
7
7
7
7
8
5
5
6
6
6
6
8
8
8
9
9
9
20
30
40
10
20
30
30
40
10
20
30
40
10
20
30
40
10
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Retail: Quarterly Absorption (SF)
2,000,000
1,000,000
-
(1,000,000)
(2,000,000)
(3,000,000)
(4,000,000)
7
8
8
5
5
6
6
6
6
7
7
7
8
8
9
9
9
30
40
10
20
30
30
40
10
20
30
40
10
20
30
40
10
20
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
C o m m e r C e C r G | t h i r d Q ua r t e r - 2 0 0 9 | r e ta i l m a r k e t r e v i e w

7. LAs VEgAs | RETAIL GRAPHS
Las Vegas, Nevada | Commerce CRG
Third Quarter 2009
Retail: Inventory (SF) and Vacancy Rate (%)
60,000,000 14.0%
55,000,000 12.0%
10.0%
50,000,000
8.0%
45,000,000
6.0%
40,000,000
4.0%
35,000,000 2.0%
30,000,000 0.0%
7
7
7
8
8
5
5
6
6
6
6
7
8
8
9
9
9
30
40
10
20
30
40
20
30
10
20
30
40
10
20
30
40
10
Las Vegas, Nevada | Commerce CRG
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Third Quarter 2009
Las Vegas Retail Overview 2005-2009 YTD
Retail: Vacancy (%) and Ave. Lease Rates
9,000,000 18.00%
8,000,000 16.00%
25.00% $2.50
7,000,000 $2.22 12.74%
14.00%
$1.95 $2.29 $2.19
20.00%
6,000,000 $2.09 $2.00 12.00%
$2.03
$1.62
Square Feet
$1.82
Vacancy
5,000,000 $1.57 10.00%
15.00% $1.50
4,000,000 $1.45 8.00%
10.00%
3,000,000
7.40% $1.00 6.00%
3.71% 4.31%
2,000,000 4.00%
5.00% 3.90% $0.50
1,000,000 2.00%
0.00% $0.00
0 0.00%
Year
2005 2006 2007 2008 2009 YTD
n
st
y
l in
s
t
t
t
lis
st
es
as
es
ll e
so
ga
we
Ea
l
er
Ave Lease Rate
Ne
$1.75 $1.92 $2.04 $2.15 $1.92
hw
lE
lW
Va
er
Ve
m
rth
nd
ra
ut
m
ra
en
Base * Sf Millions
s
No
44.50 48.73 50.06 50.40 54.52
nt
So
He
Su
La
nt
re
Ce
Ce
G
rth
No
Built Vacant Inventory Vacancy
C o m m e r C e C r G | t h i r d Q ua r t e r - 2 0 0 9 | r e ta i l m a r k e t r e v i e w

8. LAs VEgAs | RETAIL GRAPHS
Las Vegas, Nevada | Commerce CRG
Third Quarter 2009
Retail Space Vacancy Rates
Central East,
Sum m erlin, 5.30% 14.17%
Southw est, 19.42%
Central West,
11.07%
Northw est, 10.95% East, 9.62%
Green Valley,
North Las Vegas, 11.04%
16.70%
Henderson, 10.88%
Nellis, 15.40%
Retail Vacancy by Type
Freestanding, Anchorless Strip,
21.92% 21.87%
Com m unity
Neighborhood Centers, 10.15%
Centers, 14.81%
C o m m e r C e C r G | t h i r d Q ua r t e r - 2 0 0 9 | r e ta i l m a r k e t r e v i e w

9. LAs VEgAs | RETAIL SUBMARKET MAP
C o m m e r C e C r G | t h i r d Q ua r t e r - 2 0 0 9 | r e ta i l m a r k e t r e v i e w

10. COMMERCE CRg | fULL sERVICE COMMERCIAL REAL EsTATE sOLUTIOns
Commerce CRG has been among the top commercial real estate brokerage firms in the Intermountain West for 30 years. From
our headquarters in Salt Lake City and offices in Provo/Orem, Park City, Clearfield and St. George, Utah and Las Vegas, Nevada
we offer a full range of brokerage services, valuation and consulting, client representation and property/facility management. Our
alliance with Cushman & Wakefield extends our reach worldwide.
CUshMAn & WAKEfIELd ALLIAnCE
A number of Cushman & Wakefield offices, including Commerce CRG, are independently owned and connected with the
company by way of an international alliance. Cushman & Wakefield concentrates on larger markets like Los Angeles and New
York, and alliance members like Commerce CRG concentrate on developing secondary markets.
Together the geographic coverage is nearly universal. This enables Cushman & Wakefield to provide comprehensive services
for clients with local requirements as well as for those with more expansive national or international portfolios. In either case,
Cushman & Wakefield’s services are supported by the full integrated resources of the entire alliance.
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. Founded in 1917, it has 230 offices
in 58 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to
Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including
tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment
management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate
strategies for large corporations and property owners, and Consulting Services, including business and real estate consulting.
A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online
Knowledge Center at www.cushmanwakefield.com.
230 Offices in 58 Countries
Europe
Austria Bulgaria Channel Islands France Ireland Norway Russia
Vienna* Pleven* Jersey* Lyon Cork* Drammen* Moscow
Canada Belgium
Plovdiv*
Sofia*
Czech Republic
Paris Dublin* Oslo*
Stavanger*
Scotland
Brussels Prague Germany Italy Edinburgh
Alberta Manitoba Newfoundland Berlin Bologna Poland Glasgow
Calgary Winnipeg* St. John's* Denmark
Dusseldorf Milan Warsaw
Edmonton* Copenhagen* Serbia
New Brunswick Nova Scotia Frankfurt Rome
Portugal Belgrade*
British Columbia Fredericton* Halifax* England Hamburg
Luxembourg Lisbon
Vancouver Moncton* Birmingham Munich Slovakia
Ontario Luxembourg*
Saint John* London-City Romania Bratislava
Greece
United States London
Newmarket
London-West End
Athens
Macedonia Bucharest
Spain
Manchester Skopje* Timisoara
Ottawa Barcelona
Thames Valley Hungary
Toronto Central Budapest
The Netherlands Madrid
Toronto East Amsterdam
Alabama Sweden
Maine Toronto West
Birmingham* Northern Ireland Stockholm
Portland Quebec Belfast*
Mobile Switzerland
Maryland Montreal Central Basel*
Arizona Montreal Suburban
Phoenix Baltimore Geneva*
Tempe Bethesda Zurich*
Tucson* Massachusetts Turkey
California Boston Istanbul
Carlsbad Michigan
Inland Empire Ohio
L.A.
Detroit*
Grand Rapids* Cincinnati* Middle East/Africa
L.A. South Bay Grosse Point Cleveland* Israel South Africa United Arab Emirates
L.A. West Kalamazoo* Columbus* Tel Aviv* Cape Town* Dubai
Marin/Sonoma Cty Lansing* Toledo* Durban*
Oakland Muskegon* Lebanon
Oregon Johannesburg*
Orange County Beirut*
Portland Pretoria*
Sacramento Minnesota
San Diego - Downtown Minneapolis
Minneapolis Suburban
Pennsylvania
San Diego - Eastgate Philadelphia
San Francisco Missouri Philadelphia Suburban
San Jose Kansas City* Pittsburgh* Australia/Asia Pacific
Walnut Creek St. Louis*
Puerto Rico Australia Malaysia
Colorado Nevada San Juan* Adelaide* Kuala Lumpur*
Colorado Springs*
Latin America
Las Vegas* Melbourne*
South Carolina New Zealand
Denver Reno Sydney
Charleston* Auckland*
Connecticut Argentina Ecuador China Wellington*
New Hampshire Greenville/Spartanburg* Buenos Aires Quito
Hartford Manchester Beijing
Stamford Tennessee Chengdu Pakistan
Brazil Mexico
New Jersey Guangzhou Karachi*
Memphis* Manaus Ciudad Juarez
Delaware East Rutherford Nashville* Rio de Janeiro Guadalajara* Hong Kong Philippines
Wilmington Edison São Paulo Mexico City Shanghai Manila*
District of Morristown Texas Monterrey Shenzhen
Columbia Austin* Chile Singapore
New York Dallas Santiago* Peru Fiji*
Washington, D.C. South Korea
Albany* Lima
Houston Colombia India Busan
Florida Binghamton*
San Antonio*
Buffalo* Bogota* Venezuela Bangalore Seoul
Ft. Lauderdale
Corning/Elmira* Caracas Chennai
Ft. Myers* Utah Gurgaon Taiwan
Jacksonville Islandia Clearfield/Ogden* Taipei*
Ithaca* Hyderabad
Miami Park City*
Kingston* Kolkata Thailand
Orlando Provo/Orem*
Melville, LI Mumbai – City Bangkok*
Palm Beach Gardens Salt Lake City*
N.Y. Downtown Mumbai – Suburbs
Tampa St. George* Vietnam
N.Y. Midtown New Delhi
Georgia Virginia Pune Hanoi
Rochester* Ho Chi Minh City C&W Owned Offices
Atlanta Syracuse Fredicksburg*
Indonesia
Syracuse* McLean
Hawaii Jakarta C&W Alliance/Associate Offices
Utica* Newport News*
Honolulu
Watertown* Norfolk/Virginia Beach* Japan AS OF MARCH 2009
Illinois Westchester County Richmond* Tokyo
Chicago Roanoke*
Chicago Suburban North Carolina
Washington
Charlotte*
Indiana Bellevue
Greensboro/Winston-Salem*
Indianapolis* Seattle
Raleigh/Cary
Kentucky Raleigh/Durham* Wisconsin
Louisville* Tarboro* Milwaukee*
C o m m e r C e C r G | t h i r d Q ua r t e r - 2 0 0 9 | r e ta i l m a r k e t r e v i e w