Retail Real Estate: The Next Shoe
By: Myles, December 30th, 2008
If you were wondering what impact the awful economy has had in 2008, and will have in 2009, on retail commercial space, read Bloombergs reporting. Here are a few shocking details ….
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U.S. retailers face a wave of store closings, bankruptcies and takeovers starting next month (January 2009), as holiday sales are shaping up to be the worst in 40 years. -
Retailers may close 73,000 stores in the first half of 2009, according to the International Council of Shopping Centers (ICSC).
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The ICSC predicts, using U.S. Bureau of Labor Statistics data, that 148,000 stores will have shut down in 2008.
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These loses would be the largest number since 151,000 closings in 2001, during the last recession
Tags: Retail Real Estate
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