Tough Times For Retailers – And Shopping Center Owners
It looks like that there will be a great deal of downward pressure on retail landlords in the coming year. Combining a downturn in retail sales that is expected to see 73,000 stores closing in the first half of 2009 and the amount of shopping center inventory coming online rents are expected to be driven down in the coming months.
Like their residential brethren, the commercial landlords will need to be tightening their belts in the coming months.
Retailers may close 73,000 stores in the first half of 2009, according to the International Council of Shopping Centers. Talbots Inc. and Sears Holdings Corp. are among chains shuttering underperforming locations.
More than a dozen retailers, including Circuit City Stores Inc., Linens ‘n Things Inc., Sharper Image Corp. and Steve & Barry’s LLC, have sought bankruptcy protection this year as the credit squeeze and recession drained sales. Investors will start seeing a wide variety of chains seeking bankruptcy protection in February when they file financial reports, said Burt Flickinger. via Bloomberg.com
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Comment by Realty.com on 31 December 2008:
This is definitely no surprise but I certainly look forward to the day we see some positive news about retail, real estate and the entire economy as a whole.