Friday, April 7, 2017

Here's how many stores these retailers need to close as more shoppers go online

Everything must go at the soon to be closing Sears store in the New York borough of the Bronx.
 Barely a quarter into 2017, year-to-date retail store closings have already topped the historical high of 2008, a Credit Suisse report said Thursday. About 2,880 stores have closed year to date, compared with 1,153 at the same time last year. Since 60 percent of store closures are announced in the first five months of the year, Credit Suisse estimates there could be more than 8,640 store closings this year.

With less than one-third of properties generating 70 percent of total mall value, Cowen & Company predicts some 20 percent of malls will need to close or be repurposed over the next decade. That's even as occupancy rates in the country's malls stood just below a multidecade high at the end of 2016, according to Cowen. . . . more

No comments: