<ARTICLE>                     5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM RETAIL EQUITY
PARTNERS LIMITED PARTNERSHIP FINANCIAL STATEMENTS AS OF AND FOR THE THREE MONTHS
ENDED MARCH 31,  1996,  AND IS  QUALIFIED  IN ITS  ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>

       
                             
<PERIOD-TYPE>                   3-MOS  
<FISCAL-YEAR-END>                              DEC-31-1996
<PERIOD-START>                                 JAN-01-1996
<PERIOD-END>                                   MAR-31-1996
<CASH>                                            432,967
<SECURITIES>                                            0
<RECEIVABLES>                                      42,760
<ALLOWANCES>                                            0
<INVENTORY>                                             0
<CURRENT-ASSETS>                                  120,426
<PP&E>                                          7,896,466
<DEPRECIATION>                                 (1,564,620)
<TOTAL-ASSETS>                                  6,928,624
<CURRENT-LIABILITIES>                             105,897
<BONDS>                                         6,917,658
<COMMON>                                                0
<PREFERRED-MANDATORY>                                   0
<PREFERRED>                                             0
<OTHER-SE>                                        (94,931)
<TOTAL-LIABILITY-AND-EQUITY>                    6,928,624
<SALES>                                                 0
<TOTAL-REVENUES>                                  319,171
<CGS>                                                   0
<TOTAL-COSTS>                                     142,111
<OTHER-EXPENSES>                                   42,244
<LOSS-PROVISION>                                        0
<INTEREST-EXPENSE>                                218,005
<INCOME-PRETAX>                                   (83,189)
<INCOME-TAX>                                            0
<INCOME-CONTINUING>                               (83,189)
<DISCONTINUED>                                          0
<EXTRAORDINARY>                                         0
<CHANGES>                                               0
<NET-INCOME>                                      (83,189)
<EPS-PRIMARY>                                       (0.25)
<EPS-DILUTED>                                           0