Posted on 01/02/2010 9:27:31 AM PST by FromLori
Surges of large-scale retail bankruptcies such as Circuit City electronics and Mervyns department stores altered the shopping landscape in 2009 -- and experts say 2010 is likely to bring even more changes.
Amid a still-tepid economic recovery, big retail chains are expected to continue closing their less productive stores and retrenching on expansion plans. But at the same time, others will be hurtling into the breach to take advantage of falling rents and vacancies in neighborhoods they couldn't get into a few years ago.
"The prediction for next year is more re-sizing and relocating of retailers," said real estate broker Richard Rizika of CB Richard Ellis.
There are almost 100 empty big-box retail stores in Los Angeles County, according to a study by Rizika. They have a combined total of 4.5 million square feet, or about 78 football fields' worth of vacant space for rent or sale. Most of that came from liquidated businesses
(Excerpt) Read more at latimes.com ...
Mall and Anchor Store leases are so draconian it would make John Gotti blush.
All the closed Mervyn’s around here are still sitting empty in the malls.
CRE is collapsing just like Celente said it would.
Translation:
Nail salons, discount stores and tatoo parlors will be moving into formerly prime retail areas, taking advantage of the super low rents.
actually, The collapse of CRE was predicted around September of 2008. I live in NoVa and building has slowed one bit.
mnnnn mmmm mmmm love that stimulus thats working. Places folding and there is so much economic activity the vacancies are being filled....
to the point where the commercial real estate market is in the worst shape in 50 years!
mmm mmm mmmm Obama and his successful turnaround stuimulus
Kohl's moved into a lot of the closed Mervyn's around here.
Same here. In my general area there is an empty Von's, Albertson's (both grocery stores) a Rite Aid, Hollywood Video and a muffler shop. They've been empty for some time now.
These are all within a half mile of me, not looking good.
Same has happened here, Anchorage.
The biggest outfit in the malls now is a business called “This space for sale or rent” Must be booming, they have signs in every mall in town.
Every day, more and more CRE is turning up empty. Some of these places have now been empty nearly a year.
Oops...4.5 million square feet. Still more than enough space to solve the homeless problem, though.
I imagine you are exactly right, and what does that say about what America has come down to.
Just try and get them to lower the rent to an affordable amount.
They would rather lose money than rent it out at a reduced rent.
Well, that's because they have huge mortgages of their own to pay off. They can't lower rents, but after they file bankruptcy the new owners of the mall will be happy to do so. Just need to wait another 12-18 months...
bump
How can this be????? nobama and his minions have promised me that the recovery is well under way. how can our dear leader be wrong...impossible! i think conservatives are closing stores just to make nobama look bad. such racism!
Surges of large-scale retail bankruptcies,Obamanomics in action (I) word not used.
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