Business, Commercial Property, Real Estate

A problem of empty malls

 

From CNN:

As the recession leaves more retail casualties
in its wake, experts warn that rising store bankruptcies and mall closures
could have devastating economic consequences for entire communities.

Major cities across America will be impacted to various degrees, said
David Birnbrey, Chairman and Co-CEO of Atlanta-based The Shopping Center Group,
a retail real estate services firm.

“In Las Vegas, the real estate downturn was led by the housing collapse
and now the retail downturn is taking over,” Birnbrey said.

“We also have too many stores in Atlanta relative to the population,” he
added.

When an overbuilt retail sector meets failing businesses, bad things are going to happen. Not only is Atlanta glutted with recently-built retail space which stands empty, but already-existing locations are struggling with an increased number of failing businesses.

 

Empty and Cold, originally uploaded by noonetohearme.

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