EMPLOYMENT AND CONSULTING AGREEMENT

EXHIBIT 10.118

                            Glimcher Realty Trust and
                            -------------------------
                     Glimcher Properties Limited Partnership
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                       EMPLOYMENT AND CONSULTING AGREEMENT
                       -----------------------------------

                                      with
                                      ----

                                Herbert Glimcher
                                ----------------

                                 Amendment No. 1
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     This Amendment No. 1 (the "Amendment") to the Employment & Consulting
Agreement ("Agreement") is made as of this 25th day of July 2007 (the "Effective
Date"), by and between GLIMCHER REALTY TRUST, a Maryland real estate investment
trust with offices at 150 East Gay Street, Columbus, Ohio 43215 (the "Trust"),
GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership with
offices at 150 East Gay Street, Columbus, Ohio 43215 (the "Partnership";
together with the Trust, the "Company"), and HERBERT GLIMCHER, an individual
residing at 10 North Drexel Avenue, Columbus, OH 43209 ( "Glimcher").

     WHEREAS, Glimcher presently serves as the Chairman of the Board of Trustees
and Senior Advisor to the Trust and as the Chairman of the Board of Directors of
Glimcher Properties Corporation ("Corporation"), the general partner of the
Partnership;

     WHEREAS, Glimcher holds certain unexercised non-qualified stock options
from the Trust's Amended and Restated 1997 Incentive Plan (the "Options" and as
listed in Exhibit A hereto) that are scheduled to expire ninety (90) days
following the termination of Glimcher's employment under the Agreement;

     WHEREAS, Glimcher and the Company have agreed that upon Glimcher's request,
the Company will further extend the term of certain of the Options (the
"Extension");

     WHEREAS, Glimcher and the Company have agreed that the compensation that
Glimcher receives from the Trust pursuant to Section 8 of the Agreement shall be
reduced by the eventual compensation expense recognized by the Trust as a result
of the Extension (the "Payment Adjustment"); and

     WHEREAS, Glimcher and the Company desire to set forth the terms and
conditions of the Payment Adjustment and such other additional modifications to
the Agreement in this Amendment.

     NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and conditions provided herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree to amend the Agreement as follows:

     1. Definition of Disability. Section 2(c) of the Agreement, is hereby
deleted in its entirety and amended to read as follows:


                                       1
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     (c) Disability. Disability shall mean that Glimcher is, by reason of any
     medically determinable physical or mental impairment which can be expected
     to result in death or can be expected to last for a continuous period of
     not less than twelve (12) months, 1) unable to engage in any substantial
     gainf