Skip to: Content
Skip to: Site Navigation
Skip to: Search

December 4, 2008 4:59:43 PM CST

Learn about Newser Points »

« Back to the grid | Next story »

Shops Shut as Wind Goes Out of Sales

Posted Mar 11, 08 3:59 AM CDT in Business 

(Newser) – Soaring gas prices and a still-boiling housing crisis are taking their toll on America's smaller retailers, with store bankruptcies and vacancy rates rising steadily as customers avoid impulse-buys that once fueled the industry's rapid expansion, reports AP. Vacancies hover between 7% and 8%, up from 5% just six months ago—and some analysts predict rates as high as 12.5% by the end of 2008.

Following on the heels of a years-long period of booming expansion, the industry is now digging in to weather the storm. "This is economic Darwinism," said one analyst, predicting retail bankruptcy rates will reach highs not seen since the 1991 recession, with stores like the Sharper Image and furniture chain Bombay Co. leading the way.

Source Associated Press

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Staggering Slowdown Hits Retail Sales

    Nov 7, 08 6:04 AM CST
    Staggering Slowdown Hits Retail Sales Retail sales plummeted last month ahead of the holiday shopping season—which threatens to be the worst in decades, the New York Times reports. The downturn ran the gamut from upscale department stores to shops like the Gap. Neiman Marcus saw a 28% drop compared with the same month last year. Sales fell 20% at Abercrombie & Fitch, and Saks sales plunged 16%.
    More »

  • States, Sellers Drooling Over Gift Card Sales

    Jan 27, 08 2:19 PM CST
    States, Sellers Drooling Over Gift Card Sales After enduring tepid holiday sales, retailers are happily awaiting $8 billion from shoppers with unused gift cards—because only then can sellers claim the added revenue, BusinessWeek reports. But some US states say that their unclaimed-property laws enable them to extract a piece of the left-over card pie. What's really up for grabs is revenue from millions of cards that are lost or forgotten and go unspent. More »

Empty retail space is all that remains of a Bombay Company story at the Town Center Plaza shopping center in Leawood, Kan., Friday, Feb. 29, 2008. Around the country, mall centers are starting to feel...   (Associated Press)
A vehicle drives past empty retail space at the Town Center Plaza shopping center in Leawood, Kan., Friday, Feb. 29, 2008. Consumers who are closing their wallets amid rising gasoline prices and a housing...   (Associated Press)
Consumers who are closing their wallets amid rising gasoline prices and a housing slump are forcing specialty retailers to pare back their brands and pack up shop.   (Associated Press)
Empty retail space is all that remains of a Bombay Company story at the Town Center Plaza shopping center in Leawood, Kan., Friday, Feb. 29, 2008. Around the country, mall centers are starting to feel...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 4)

Tags

US economy • recession • gas prices • housing crisis • retail sales • weakening economy • retail stores • retail shopping • shoppers


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »