CoStar estimates that about 10% of retail square footage in the US is “obsolete.”
Macy’s and Sears collectively announced 218 store closures within the last week in a move that could cripple dozens of shopping malls across the US — and the problem is only getting worse.
On Sunday, The Limited, another mall-based retailer, suddenly shut down all 250 of its stores and laid off 4,000 employees.
Additional mass store closures are expected to be announced soon, as well as some possible retail bankruptcies, according to RBC Capital Markets analyst Brian Tunick.
Read entire article here in Business Insider.