Super Saturday Snowed Out; GGP's Dividend (Weekend Roundup)

The big story from the weekend was the huge storm that made a giant dent in what is normally the largest shopping day of the year--the Saturday before Christmas. To compensate for the lost sales as shoppers stayed home to avoid the storm, many retailers are extending hours to give people more chances to shop. Some stores will remain open between now and Christmas as a way of spurring sales.

Here are a couple of other headlines from over the weekend.

  • The New York Times looked at the growing trend of consumers shopping with their cell phones--something we wrote about last week as well.
  • Last week, officials from several commercial real estate trade groups met with Treasury Secretary Tim Geithner to discuss possible measures to aid the industry. According to the story, "One source said the meeting did not generate any specific, imminent policy steps to help the industry, which is struggling to recover from the recession and financial crisis. The source described it as a 'listening session' for Geithner and several of his top aides."
  • A bankruptcy court judge gave General Growth Properties a green light to use $100 million to pay shareholder dividends.
  • In a distressed transaction, lenders bought a struggling mall outside Boston for $51 million The owner had defaulted and the lender won an auction for the property.
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