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DDR's CEO Discusses Q1 2012 Results - Earnings Call Transcript

While many attempt to link the issues of our retailer like Best Buy with the fate of other junior anchor retailers, it's important to keep in mind that comparing the market conditions of a Best Buy to the market conditions of a T.J. Maxx or Bed Bath & Beyond, for example, is equal to comparing the results of Sears to that of a department store such as Macy's. There simply is no link. These are vastly different companies with vastly different strategies, different merchandising expertise and therefore, vastly different results. There is no broad generalization that one can make intelligently about merchandising except the obvious conclusion that great merchants win and bad merchants lose. And since we live in a world with great transparency, guessing and sweeping generalization is simply not necessary.

The future of the department store is not linked to the fate of a struggling company, no differently to the future of a junior anchor is linked to the fate of a struggling co-tenant, especially when they consistently trade in different merchandise at a different price point.

The numbers are what they are. That is why retailers that operate side-by-side in the same asset consistently show vastly different results. It's not primarily about the real estate and it's not primarily about the box. It's what's inside the box that matters and will ultimately determine the success or failure of a retail concept. It's not about whether you operate in a mall, outlet center, power center or grocery anchored neighborhood center, it's about the merchandise you present to the consumer as a merchant whose primary task is to distribute the right goods, at the right time, at the right price.

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