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THE INSTITUTE OF REAL ESTATE MANAGEment (IREM), Chicago, has announced it has published a study of retail property that indicates e-tailers have not replaced traditional brick-and-mortar shopping centers. According to the 2000 edition of the Income/Expense Analysis: Shopping Centers, Open and Enclosed report, growth in the retail market is evident in both open and enclosed malls. The annual IREM benchmarking study reported both an increase in operating income and a decrease in expenses for enclosed malls. The research study analyzes the previous year's operating data for 640 open shopping centers and enclosed malls throughout the United States. Income for enclosed centers based on average actual occupancy (AAO) increased from $12.57 in 1998 to $13.69 in 1999; open centers also experienced a jump in income, rising from $9.78 in 1998 to $10.89 in 1999, according to the study. Regionally, median income per square foot ranged from $8.41 to $13.98 per square foot for open shopping centers; the median ranged from $9.77 to $17.91 per square foot for enclosed malls. Based on AAO, the West Coast region reported the highest income per square foot for both open and enclosed malls. More information about IREM's study can be found at www.irem.org.