Reis in the News
By Holly Shively
Source: Dayton Daily News – Local malls view store closures as an opportunity to ‘reinvent the retail experience’
The growing number of store closures in 2019 is pushing mall vacancies higher than they’ve been in eight years, but area malls see opportunity amid the shut downs.
In the fifteenth week of the year, 5,994 stores in the United States have been set to close, surpassing the 5,864 closed in all of 2018.
Among the biggest contributors are Payless ShoeSource, which is closing 2,100 stores nationwide, Gymboree’s 750 closures and Charlotte Russe’s 500 shut downs, according to Coresight Research.
The diminishing presences of these retailers commonly found in malls has caused vacancy rates at shopping centers to jump to 9.3 percent, the highest since 2011, according to Reis, a commercial real estate data analysis firm.