At least someone's making money. When the economy's bad, Michiganders, apparently, go shopping. Profits and occupancy rates for Taubman Centers Inc., are up, according to numbers released this week by the real estate investment trust (read: they own a bunch of malls).
Excerpt:
The Bloomfield Hills-based real estate investment trust reported sales per square foot rose 4 percent during the quarter ended Dec. 31, just as consumer spending was weakening. “We were pleased with this sales performance. The quarter began strongly, but softened considerably as it entered December,” said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers.
Read the entire article here.
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