Despite the economic downtown, retailers are unwilling to surrender underperforming assets. They're hooked on junk real estate.
During a recession, the reduction of underperforming real estate is to be expected. But in the current economic downturn, retailers have been less willing to surrender the very assets that hold them hostage in productivity limbo. It's as if they are hooked on junk. That's junk as in junk real estate.The fact that retail's recession had preceded the national economy by a margin of 18 months would suggest that management has been actively lobbing off the fat accumulated during the past decade. One can only wonder if the cuts are significant enough to restore sector growth. If so, then why after three years are same-store sales so beleaguered? Do they know which is the flotsam and which is the jetsam?...
Thanks to REIS, Inc.
Read the full story: Junk Space Contagion
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