Nationwide wave of store closings grows
FRIDAY MARCH 7, 2014, 12:02 AM
BY JOAN VERDON
STAFF WRITER
THE RECORD
The experts who keep track of store openings and closings have been forecasting for more than a decade that the day was coming when American retailers would have to pay for building far too many stores.
That day of reckoning, some say, has arrived, with one retail watcher predicting a “tsunami” of store closings this year.
That prediction, by Brian Sozzi of Belus Capital Advisors in New York, was made in January. RadioShack announced this week that it was closing up to 1,100 of its stores, and Staples said Thursday that it was shutting 225 of its locations.
Even retailers that recently have been in expansion mode are trimming their store counts. Teen retailer Aéropostale is planning to close 175 stores in coming years. The Children’s Place of Secaucus, while continuing to open stores, will shutter 125 of its weakest shops by 2016.
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More store closings is bad news for Ridgewood. Expect to see more vacancies downtown real soon. Parking should become easy.
I’d expect to see more banks leaving as their leases expire.
Let the rents fall and you’ll see more community oriented stores.
“Let the rents fall”?
Yeah right. The one or two people who have a stranglehold on the CBD would never let that happen.
The only way to make a living is to open an eatery that charges $10 for a ham sammich. Which I am considering…So LET THE URBANIZATION COMMENCE! I NEED THE FOOT TRAFFIC!
Yes the rents were pushed up by ‘demand’ for space by banks.
Demand decreases and places will remain empty unless prices decrease.
Or, they will have to chop up the size into small square footage to keep current rents.
No business can justify the rent here.