The following is a very interesting article about how retailers are responding to the state of the economy. Many are sizing down their stores to avoid bankruptcy. But when one company closes up shop, another one is quick to take the location.
For the full article, please click the link. I have included clips that I thought were most relevant.
Increase in Area Retail Vacancies Is Modest by Ylan Q. Mui
Retailer Linens ‘n Things is closing 177 stores. Sharper Image is liquidating 86 stores. Starbucks is putting the lid on 600 locations.
Across the country, a growing number of retailers have recently gone bankrupt or are in the midst of reorganization, leaving dark, empty blemishes on the nation’s shopping centers. The impact on the Washington area has been muted so far, as the region’s affluence and strong job market continue to shore up consumer demand…
…At Tysons Corner Center, property manager Cory Scott said the mall is close to signing deals for spaces vacated by the beleaguered Wilsons Leather and Domain Furniture, which is in bankruptcy proceedings. Madewell, a new J. Crew store targeting young women, is slated to open this month in the location that once housed retailer Bombay Company, which entered bankruptcy proceedings and liquidated its U.S. stores. Scott hopes to use the new stores to create another fashion corridor within the mall.
“Being able to get back that Bombay space and bring in Madewell is a fantastic addition to the shopping center,” he said.
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