America’s Department Stores May Have To Close Hundreds Of Locations

To get back to their pre-recession productivity peak, the nation’s top department stores would have to close hundreds of locations, according to a leading real estate analysis firm. Chains such as Sears, J.C. Penney and Macy’s have been hit by a double whammy: the loss of market share to Amazon and specialty stores, coupled with chronic drops in shopper traffic to malls. Collectively, they would need to close some 800 stores for sales per square foot to go back to 2006 levels, Green Street Advisors wrote in a recent research note. That translates to 25% of all department stores nationwide, whose list also includes Dillard’s, Bon-Ton and Nordstrom. Read more at Fortune.