Several major retailers are closing stores. That means more unemployed and downward pressure on commercial real estate revenues and values.

By Eileen F. Toplansky at American Thinker

EXCERPTS:

Mike Shedlock of The Toledo Blade highlights America’s economic woes with the following:

• Cable TV companies saw a noticeable drop in the total number of subscribers… a first for an industry that has thus far seen nothing but growth.
• In Toledo, Ohio, ‘for lease’ signs have proliferated along the Monroe Street-Talmadge Avenue corridor, once the crown jewel of commercial real estate. Even more shocking are signs that feature ‘free rent.’
• More small retailers have left this corridor than have arrived in the last few years.
• Saks is closing two stores in Plano, Texas and Mission Viego, California.  This is in addition to stores closed in San Diego, CA; Portland, OR; and Charleston, SC.
• Abercrombie and Fitch are closing nearly 60 under-performing stores in 2010.
• Blockbuster video rental chains are slashing stores by the dozens.
• American Apparel is close to defaulting on its loans and may also have to close stores.
• Wal-Mart, which usually does well during difficult economic times, is also concerned about customers being quite cautious about spending.
• A&P will close 25 grocery stores across five states.
• American Eagle announced that 28 Martin + Osa stores would shut down.
• French Connection 17 has closed all 21 of its stores in Japan and has closed all but six of its U.S. stores.
• Winn-Dixie Stores will close 30 older and under-performing stores by September 22^nd of this year.
• Bebe Stores will shut 48 facilities.
• Men’s Wearhouse now plans to close 50-60 Tux stores this year.

Consider the number of people that will be laid off when these stores are closed. Think of how these store closings will affect lease prices.

FULL STORY

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