Confidential

                                                                  EXHIBIT 10.105

April 26, 2005

Confidential

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Marshall A. Loeb

200 Sawbridge Drive

Ridgeland, Mississippi  39157

Dear Marshall:

This letter replaces and supersedes the letters I sent previously. On behalf of

Glimcher Realty Trust (the "Company"), I am pleased to offer you the position of

Executive Vice President, Chief Operating Officer, pursuant to the provisions

outlined below. I am confident that you will find your employment experience

with our company very challenging and rewarding.

START DATE:

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Your first day in the position will be mutually agreed upon but will be no later

than May 16, 2005. In consideration for the stock grant and bonus you will

forfeit at your current employer, the 2005 annual bonus, stock option and stock

grant will not be pro-rated.

SALARY:

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Your annual salary will be $350,000.

BONUS:

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In your position as Executive Vice President, Chief Operating Officer, which

position would be considered an executive officer of the Company, you will be

entitled to participate in the Company's Senior Executive and Management Bonus

Program, as same may be established and modified from time to time by the

Executive Compensation Committee of the Board of Trustees of the Company. By way

of example, in 2004, the person occupying this position was eligible for a bonus

equal to 30% of the annual salary upon achievement of the earnings target.

STOCK OPTIONS:

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You will be eligible to participate in the Company's stock option plan as same

may be established and modified from time to time by the Board of Trustees of

the Company. When you begin employment, you will be granted 25,000 stock

options. In addition, option grants will be made annually each March at the

discretion of the Board of Trustees of