Retail Hits the Brakes on Expansion
May 2nd, 2008
The International Council of Shopping Centers predicts 5,770 store closings this year, which would mark a year-over-year of 25 percent. Included in the group will be: Starbucks, Foot Locker, Pacific Sunwear, Ann Taylor and Zales, which plan to close more than 1,200 store locations, combined. Other retailers, not planning closures, are scaling back on expansion and delaying new openings. Wal-Mart is in this group. One observer summed up current retail conditions this way, “It’s no secret that America is over-stored.” The New York Times (May 2, 2008)
Tags: Home Depot, Starbucks, store closings, Wal-Mart