Members of the International Council of Shopping Centers were polled on the challenges and opportunities faced by the retail industry during 2008. The responses indicate that the economy will remain a concern, and some speculate that the situation could get worse before it improves.
The credit crunch and oil prices are demanding much attention. Mortgage defaulting will also be closely watched. Many of these topics will likely play out in the media and political arena, as the US prepares for the 2008 presidential election.
Here are some of the questions and how survey participants responded:
Which issue had the greatest effect on your company in 2007?
- Credit crunch - 49 percent.
- Oil prices - 23 percent.
- Insurance coverage - 14 percent.
What issue do you expect will become even more important in 2008?
- Oil prices - 50 percent.
- Credit crunch - 33 percent.
Which legislative issue will dominate the retail industry in 2008?
- Terrorism insurance - eight percent.
- Private property rights - 15 percent.
- Mortgage defaulting - 66 percent.
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