The number of store and restaurant closure announcements fell to nearly 1,800 in the first quarter, from slightly over 2,800 a year ago, marking a 36 percent drop, according to ICSC-PNC Real Estate Research. This roughly 26.6 million square feet of space represents 0.2 percent of the total U.S. retail space and is up 31 percent from first-quarter 2010. Borders, Charming Shoppes and Max Rave, which together account for 40 percent of quarterly closure announcements, announced a combined 666 closings in the first quarter. Borders alone says it expects to shut 226 stores, totaling 5.5 million square feet, 21 percent of total space slated for closure in first-quarter 2011. Many of the chains that announced closings also said they plan to open stores, reflecting a repositioning trend for economic reasons. GameStop announced 200 store closings and 200 openings, while Big Lots announced 45 closings and 90 openings.
Compiled by the staff of Shopping Centers Today. © May 17, 2011 International Council of Shopping Centers.
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