Retailers Optimistic About Business in 2010
by Shopping Centers Today
Seven of 10 retail executives in a KPMG survey say they expect business conditions will improve next year. The survey of 65 executives was conducted between May and July.
“The findings reflected an expression of guarded optimism among retail executives, given the industry’s challenges as demand for goods continued to plummet during the recession,” said Mark Larson, who heads KPMG’s global retail sector group. “Their optimism is in sharp contrast even with the latest report from the Commerce Department, which revealed last week that retail sales dropped in July — despite evidence that the economy has stopped contracting and that economists were forecasting a gain in sales."
[FULL STORY]
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Chain Stores See Rare Uptick
Smart Brief ICSC/Commercial Property Executive
by Jerilynn Kraus, Stacy Staczynski & Alex Palmer
U.S. chain store sales in September increased 0.1 percent on a same-store basis compared with the same period last year, representing the strongest reading since July 2008, when sales increased 3.3 percent, according to the International Council of Shopping Centers.
"Small as that gain was, it was the first year-over-year increase since July 2008 and marked a significant turning point for the industry, as well as the start of the retail recovery," Michael P. Niemera, ICSC Chief Economist and Director of Research, said in a statement. "To be sure, the retail recovery will be uneven, and growth will be in spurts and fits, but it seems increasingly clear that it is recovery.
[FULL STORY]
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Guidance for New Property Management Tax Withholding Requirement
Property Management Addendum Language Now Available to Comply with 2010 Tax Withholding Requirement
Beginning January 1, 2009, property management companies that manage property for nonresident owners must withhold seven percent (7%) of the gross rent payment derived from property in California when the amount of the rents are greater than $1,500 per calendar year. The management company must – on a quarterly basis – forward those funds to the California Franchise Tax Board (FTB) along with the required FTB forms.
[FULL STORY]
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CAA Protects Property Owners From New Taxes
by CAA News
 Sacramento politicians and special interests groups want to raise taxes on rental and commercial property as a means to fix the state’s ailing budget and preserve state spending projects.
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Immigrants Cool on California
by California Real Estate/California Association of Realtors
California’s popularity fading for new immigrants. California’s popularity as a destination for immigrants has declined significantly, according to a study recently released by the Public Policy Institute of California (PPIC). In a shift that began in the late 1990s and has accelerated this decade, new arrivals to the U.S. have increasingly chosen to live in states with little history of immigration. California’s immigrant population is still the largest in the nation and continues to increase, but that growth has slowed. The percentage of immigrants choosing to live in the state declined by seven points between 1990 and 2007, from 33 percent of the nation’s immigrants in 1990 to 26 percent in 2007, according to the U.S.Census data analyzed in the study. This trend is mirrored within the state, with immigrants increasingly likely to settle outside traditional immigrant enclaves. Although Los Angeles is home to far more immigrants than any other county in California, its immigrant population grew by just 1.8 percent per year between 1990 and 2007, compared with 11.9 percent growth per year in Riverside County and 9.9 percent in Kern County. “Many immigrants, particularly Latinos, are moving to new destinations that have less established social networks but growing economic opportunities, ”says Sarah Bohn, PPIC research fellow and author of the study. “Immigrants are increasingly likely to base their decisions about where to live on wages and jobs.”
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New Properties
by Greg Bethke
Manco Abbott, Inc. is pleased to be managing the following properties in the Central San Joaquin Valley and Central Coast.
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Employee Anniversaries
by Andrea Kennedy
We proudly acknowledge employee anniversaries; each of these individuals have one or more years of tenure. Thank you to each and everyone for sharing your time and expertise to help us be the best that we can be!
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Cross City Race
by Greg Bethke
As part of Manco Abbott’s annual sponsorship of the Cross City Race in Fresno our corporate team participated in the 2-mile walk event, and came in with a time of 32:01! This year’s race had nearly 900 runners, walkers and wheelchair competitors. In addition to the race, family-friendly activities ran from 9am to noon and included food and drinks, face painting, local mascots, music, bounce houses and more. The Cross City Race proceeds benefit Saint Agnes Cancer Services.
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