<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, 1998, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
       
                                           
<PERIOD-TYPE>                                  3-MOS
<FISCAL-YEAR-END>                              DEC-31-1998
<PERIOD-START>                                 JAN-01-1998
<PERIOD-END>                                   MAR-31-1998
<CASH>                                             101,922  
<SECURITIES>                                             0  
<RECEIVABLES>                                       42,001  
<ALLOWANCES>                                             0  
<INVENTORY>                                              0  
<CURRENT-ASSETS>                                   220,129  
<PP&E>                                                   0  
<DEPRECIATION>                                           0  
<TOTAL-ASSETS>                                   6,382,668  
<CURRENT-LIABILITIES>                               98,373  
<BONDS>                                          6,796,006  
<PREFERRED-MANDATORY>                                    0  
<PREFERRED>                                              0  
<COMMON>                                                 0  
<OTHER-SE>                                       (511,711)  
<TOTAL-LIABILITY-AND-EQUITY>                     6,382,668  
<SALES>                                                  0  
<TOTAL-REVENUES>                                   258,762  
<CGS>                                                    0  
<TOTAL-COSTS>                                       62,782  
<OTHER-EXPENSES>                                    13,564  
<LOSS-PROVISION>                                         0  
<INTEREST-EXPENSE>                                 157,412  
<INCOME-PRETAX>                                     25,004  
<INCOME-TAX>                                             0  
<INCOME-CONTINUING>                                 25,004  
<DISCONTINUED>                                           0  
<EXTRAORDINARY>                                          0  
<CHANGES>                                                0  
<NET-INCOME>                                        25,004  
<EPS-PRIMARY>                                         0.07  
<EPS-DILUTED>                                            0