More 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
Monday, January 23, 2017
Retail Malaise Puts Pressure on Chains to Shutter More Stores
More 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
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