TRENDS
Maybe the
Worst Is
Over?
While the number of stores closed in 2012
increased by 9.6 percent over 2011, the
amount of retail square footage lost to the
market decreased by 28.8 percent, according to the International Council of Shopping
Centers/PNC Research's January report. In 2012, 46.5 msf of retail
space closed, compared with 65.3 msf in 2011. Te amount of 2012
space closed was more in line with the 46.7 msf of space closed
in 2010, perhaps indicating that retail is right-sizing itself due to
smaller stores and better locations.
Discount department stores
Largest Retail
Space Closures by
Type, 2012
1.6 msf
Grocers
1.3 msf
Department stores
989,000 sf
Bookstores
396,000 sf
280,000 sf
Home entertainment stores
0.0
0.5
1.0
1.5
2.0
Source: ICSC/PNC Real Estate
6
May | June | 2013
Commercial Investment Real Estate
Pixelsaway/Veer
MARKE T