Reeling from a shaky holiday season and slowing mall traffic, U.S. retailers are facing increasing pressure to close stores as more of their business migrates to the internet.
than 10 percent of U.S. retail space, or nearly 1 billion square feet,
may need to be closed, converted to other uses or renegotiated for lower
rent in coming years, according to data provided to Bloomberg by CoStar
Group. That’s on top of about 5,000 stores that have been shuttered in
the past 18 months, an estimated 50 million square feet of space,
according to Clarion Partners.. . . more