Autumn on Lake Audobon

Autumn on Lake Audobon
Autumn on Lake Audubon, Photo by Alison Kamat

Saturday, January 25, 2014

A 'tsunami' of store closings expected to hit retail, CNBC, January 22, 2014

Krystina Gustafson, CNBC Content Editor, writes about the expected widespread shutdown of retail stores in the years ahead and the shrinking size of those that remain.  It all begs the question of how Reston fills all that planned first-floor retail in those multitudinous office buildings that are planned in the TOD areas around Reston's Metrorail stations. 

Walls of empty storefronts will not encourage a walkable, livable neighborhood replete with substantial residential development.  Something to ponder. 

Here is how she opens this thoughtful article:
Get ready for the next era in retail—one that will be characterized by far fewer shops and smaller stores.
On Tuesday, Sears said that it will shutter its flagship store in downtown Chicago in April. It's the latest of about 300 store closures in the U.S. that Sears has made since 2010. The news follows announcements earlier this month of multiple store closings from major department stores J.C. Penney and Macy's.
Further signs of cuts in the industry came Wednesday, when Target said that it will eliminate 475 jobs worldwide, including some at its Minnesota headquarters, and not fill 700 empty positions.
Experts said these headlines are only the tip of the iceberg for the industry, which is set to undergo a multiyear period of shuttering stores and trimming square footage.
Shoppers will likely see an average decrease in overall retail square footage of between one-third and one-half within the next five to 10 years, as a shift to e-commerce brings with it fewer mall visits and a lesser need to keep inventory stocked in-store, said Michael Burden, a principal with Excess Space Retail Services.. . .
Click here for the rest of this article.  

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