According to retail consultant Howard Davidowitz of Davidowitz & Associates, approximately 220,000 stores may close this year in the United States.
As more Americans save and spend less, it’s clear there’s too much retail space. Just visit Web site deadmalls.com and track retail’s growing body count. Any luxury retailers? They’re on “life support,” Davidowitz says.
Among the brand name stores Davidowitz says are in trouble we have:
- Neiman Marcus
- Jeweler Zale Corp
- J.C. Penny
Yep, when things gets tough, tighten your belt and don’t open your wallet unless you really have to. The worse is yet to come. Good Day.