U.S. store closings in 2019 to date have exceeded store closings in all of 2018
reported that . That’s major news—the growth or shrinkage of square feet available to sell consumer products has always had a direct correlation to the trajectory of retail sales. That’s always been a strong indicator of where the economy is going. TheI don’t care. The way that retail has changed in the last few years makes the number of square feet available to sell products less relevant than ever.
The future of stores now depends on what you do with them. Aside from holding and selling products, stores now need to do more things: stimulate online sales, handle pickups and returns from online sales and even serve as warehouses or distribution points for products ordered online to facilitate fast delivery or pickup.
One group that is heavily impacted by the store closings, of course, is landlords. The hard fact is that a square foot of retail space is worth less now than it was 36 months ago almost everywhere in America. It has taken landlords some time to adapt to this, and their reluctance to lower the lease price per square foot is a reason there are still so many gap-toothed retail spaces all over the country.
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