Steven Roth, Vornado Realty Trust’s chief executive officer, said it may take more than five years for U.S. brick-and-mortar retailers to downsize enough to reflect new consumer preferences, creating potential buying opportunities for companies with enough cash.
are struggling because the U.S. is “grossly over-stored” with at least
24 square feet of shopping-center space per capita, Roth said in his
annual letter to shareholders of his company, one of the largest
property owners in Manhattan. Roth also cited decreasing foot traffic
and the rise of online shopping as reasons for the sector’s decline,
which he said may need to be tackled by shuttering as much as 30 percent
of the weakest retail space.. . . more