The number of shuttered box stores and empty strip malls has expanded dramatically over the last six months, according to data from commercial real estate brokers and investment advisors. And the situation is likely to get much worse.
Chain retailers have announced plans to close more than 6,500 outlets by year’s end, even as shopping center construction continues at a furious pace. Developers expect to bring an estimated 137 million square feet of new retail space online this year. That’s more than the average annual growth during the first half of the decade. See details on The Hometown Advantage blog.