
According to real estate information firm CoStar, nearly 1 billion square foot of retail space will be "rationalized" in the coming years through store closures and conversions to other uses. Many retailers also are seeking rent reductions as their productivity has slumped from an industry average of $330 in sales per square foot from $350 per square foot a decade ago.
The level of "overstoring" may only get worse. Retail analyst Jan Rogers Kniffen expects about half of all retail sales to be online by 2030, a huge increase from current figure of about 10 percent.
"A lot of these retailers are still in denial," said Brian Yarbrough, a retail analyst at Edward Jones. "I think the Kohl's (KSS), the J.C. Penneys (JCP) of the world, they're in denial. At some point, there's probably not a need for 2,400 Kohl's and J.C. Penney's across the United States. There's probably not a need for 5,800 Walmart (WMT) Supercenters."












Comment: It seems very little has changed, despite Pope Francis' promises to bring justice to victims and ensure such crimes will not be repeated: The Vatican has paid huge amounts of money to settle child molestation lawsuits