2017-01-24 — bloomberg.com
More than 10 percent of U.S. retail space, or nearly 1 billion square feet, may need to be closed, converted to other uses or renegotiated for lower rent in coming years, according to data provided to Bloomberg by CoStar Group. That's on top of about 5,000 stores that have been shuttered in the past 18 months, an estimated 50 million square feet of space, according to Clarion Partners.
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One problem facing U.S. retailers is that there are too many stores. The nation has about 24 square feet of retail real estate per capita, according to data compiled by Clarion. By comparison, Canada has only 16 square feet per person.
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