77 Million Square Feet Of Retail Space And Counting – America’s Retail Apocalypse Is Spiraling Out Of Control In 2018
In 2017 we absolutely shattered the all-time record for retail store closings in a single year, and this year it looks like we are going to shatter the record once again. In fact, there are some that are projecting that up to 9,000 retail storescould close by the time that we get to the end of this calendar year. Already, the amount of retail space that has shut down is simply jaw-dropping. If you total up all of the retail store closings that have been announced so far in 2018, it accounts for 77 million square feet of retail space. Let that number sink in for a bit. Many shopping centers and strip malls around the country already have a post-apocalyptic feel to them, and more “space available” signs are going up with each passing day. And in case you are tempted to think that I am making this figure up, here it is straight from Bloomberg…
At last count, U.S. store closures announced this year reached a staggering 77 million square feet, according to data on national and regional chains compiled by CoStar Group Inc. That means retailers are well on their way to surpassing the record 105 million square feet announced for closure in all of 2017.
In the end, we could shatter the all-time record that was established just last year by 20 or 30 million square feet.
At moments such as this, the phrase “retail apocalypse” doesn’t really seem to fit the gravity of what is actually taking place.
And unfortunately for the retail industry, it doesn’t appear that this crisis is going to end any time soon. Here is more from Bloomberg…
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