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Retailers say they plan to close 111 million square feet of space in the U.S. this year, up from last year’s 105 million square feet, reports CoStar. But only five retailers account for about half of the vacated space: Bon-Ton, J.C. Penney, Sears, Sports Authority and Toys 'R' Us.
Bon-Ton, Sports Authority and Toys 'R' Us have all filed for Chapter 11 bankruptcy protection. Sears Holdings says it will shutter 78 Sears and Kmart stores next month, and Penney closed 138 stores last year. These make up about 55 percent of the total square footage vacated over the past three years, according to Drew Myers, a senior real estate analyst at CoStar Portfolio Strategy.
"The reality is, it’s only a few major big-box retailers," Myers said. "This can be seen as a warning sign, but it points to a change in the retail market today."
By Brannon Boswell
Executive Editor, Commerce + Communities Today
