Sears, Macy's, and J.C. Penney are among the national retailers who've announced substantial store closings recently. Retail industry experts believe the closures are just the beginning of an approaching "tsunami" of shrinking and shuttering stores.
Krystina Gustafson looks at the coming "tsunami" of store closures as North America transitions to the "next era in retail".
"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."
Wells Fargo analyst Paul Lejuez believes "it makes more sense for a retailer to have half the number of stores they once thought appropriate, and instead concentrate on a small store network and e-commerce business."
FULL STORY: A 'tsunami' of store closings expected to hit retail
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