| It is a sign of tough economic times. Retail store closings are up in 2008 by 25 percent year-over-year as the national economy continues to deteriorate. The International Council of Shopping Centers estimates there will be 5,770 store closings in 2008 compared to 4,603 in 2007. Surging gas prices, higher food costs and powerful inflationary forces are squeezing consumers and retailers alike.
There will be a considerable amount of store closings coming in 2008, and retailers with expansion plans are going to take a second look at openings," said Howard Davidowitz, chairman of the retail consulting firm Davidowitz & Associates in New York.
Here is a list of retailers that have already announced store closings:
84 Lumber Co. -- 30 stores
Ann Taylor -- 117 stores
Charming Shoppes (Lane Bryant and Fashion Bug) -- 150 stores
Foot Locker -- 140 stores
Macy's -- 9 stores
Movie Gallery -- 160 stores as part of reorganization plan to exit bankruptcy
Pacific Sunwear -- 153 Demo stores
Pep Boys -- 33 stores
Sprint Nextel --125 retail locations
Wilsons the Leather Experts -- 158 stores
Zales -- 100 stores
J. C. Penney, Lowe's and Office Depot are scaling back or delaying expansion. Office Depot had planned to open 150 stores this year, but will now open 75.
For more information on retail bankruptcies see:
Retail Bankruptcies and Store Closings Sign of Grim Economy
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