Posted on 12/30/2008 7:54:41 AM PST by Red in Blue PA
The dismal holiday shopping season may sink some retailers and could take down some U.S. malls struggling with rising vacancies, softening rents and their own large debt loads.
"This is probably going to go down as the worst season in history as far as retail sales," said Victor Calanog, director of research for real estate research firm Reis. "The difficulty of ascertaining what the effect would be at the property level is because we're already heading toward a train wreck."
At the end of the October, the International Council of Shopping Centers (ICSC) forecast that national chains would announce 6,100 store closings in 2008 and 3,100 in the first half of 2009.
(Excerpt) Read more at cnbc.com ...
And online retailers can store their inventory in places like Montana where the real estate is cheap whereas stores have to be in high population areas where the land generally costs a lot more.
Indeed. I am continually amazed at how many shopping malls, mini-malls and shopping centers go up. How many Bed Bath and Beyonds does one city need?!
Oh great, now where will the teenagers and old folks hang out?
I do like pulling up to the door of a store and just jotting in and out instead of having to wind through a huge mall when I need something.
You said — “I agree - I think a lot of this crap is manufactured by the press. Shopping was hella crazy here in St. Louis. Amazon posted yesterday it had it’s best Christmas season ever...I’m not seeing all this doom and gloom.”
The problem I’m having with a lot of the comments on Free Republic is that although they *do* represent what people see, in the places where they are at — they are only anecdotal accounts and they do not bear on the economy in general.
I mean, there are reasons why one shopping center can be crowded and busy at the time I’m there, while another person found another one almost vacant. There are a variety of reasons which could have nothing to do with the overall economy — and on the other hand — they could have something to do with it.
The problem is — I don’t know what anecdotal account is representative of the true state of affairs.
Furthermore, when someone does try to bring in some “overall data” about “something” (it doesn’t matter what issue, actually), it is “discounted” by those who disagree with it, while those who agree with the data “confirm” it.
Thus, even the “data” (when presented) seems useless to many FReepers, depending on which side you’re on when saying it. And thus, even “data” is not used.
So, in the end — all that happens on Free Republic, with certain posters — is that “one’s political stance” is the filter and gateway that determines whether anything is true or not. It’s never true if it disagrees with “political stance” (whatever one’s stance is, and in many different subject areas).
Thus, all that is *actually established* — here, would be “political correctness” about what one *should think* — no matter what the accounts are and no matter what the data is...
That’s very unfortunate for Free Republic. It seems to be becoming less useful as a tool for discovering what the “real situation” is — i.e., the “truth” of the matter — regardless of “political correctness”...
I have a buddy that works at Wal Mart. He says that he WISHES there was a slowdown. he saw people buying I-Pods and computer games, not exactly things that should sell during a “recession”.
WTF is it with these zombie movies? I never got that one
The story is that retailers depend on Christmas so that after this lousy Christmas many retailers go under. I don’t think this Christmas will turn out so bad
I was at Fry’s Electronics on Friday when I went there to buy a 42” 1080p 120hz Toshiba LCD HD TV for only $848. My wife had to be to the doctor in the morning so we were not busting down the doors. I got there at about 1pm and figured they’d probably be out of the advertised TV by then. First off, the crowd was pretty light. I walked back to the TV section without having to say ‘excuse me’ even once! Then the TV guy tells me they’d had five of the ad special TV’s and they usually sell out when the doors open - but they’d only sold TWO by 1pm. I bought my TV and the next day the lowest price within 300 miles was $1499.00 - so for almost 1/2 off no one was in a hurry to buy! Just on this one little indicator I’d say we have scary times ahead. Natch, I’ll be able to watch it all in HD! :-P
Yeah but Wal Mart is the lowest price retailer and is stealing business from the others who will go out of business
Forget that expanding pie BS. We have a shrinking pie and the WalMart slice is growing
You can ride out this s*** in style. Just be sure to stockpile some canned beans, guns and a generator
Plus you'll be able to see FEMA emergency announcements in HD
GOOD!!! I detest malls. Can we please go back to more local businesses and less “big box corporations”?
“Geez, what kind of hellhole do you live in?”
It used to be called America. Now, - I think you renamed it for all of us.
Here on the Olympic Peninsula, Costco and Walmart had check-out lines that went on forever. Circuit City and Best Buy were packed. Now these are not ‘mall stores’ and it was a few weeks before Christmas.
I hit the mall Christmas eve morning and it was deserted.
Walmart steals business from Department Stores, who stole business from General Stores, who stole business from traveling salesmen, who stole business from fur traders/trappers........
The coming mall bubble is here.
We have two large malls in our area. They were both busy as heck this holiday season, but for the rest of the year, they see relatively few people.
Also, there are fewer and fewer tenants who can afford the outragious rent the malls charge these days. I am amazed at how many store fronts are vacant when I go in there.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.