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Retail Construction on the Decline

Jun 11, 2008 11:35 AM

Retail construction has recently experienced a decrease as retailers scrap growth plans and lenders remain wary, reports the “Wall Street Journal.” According to the report, many of the largest U.S. developers of malls and shopping centers have postponed projects by a year or more, in response to slowing demand for space. Some venues will be built piecemeal as leasing progress allows and others have been canceled before the start of construction.

Deutsche bank cited that 4,809 stores belonging to 76 chains have already closed or are planned to close. More than 1,200 video rental stores are slated to close, followed by 1,170 home furnishing stores, 945 apparel stores, and 549 consumer electronics stores. Among the national chains that have recently curtailed growth plans are J.C. Penney, Chico’s FAS, Starbucks, and Home Depot, which also plans to close 15 under-performing U.S. stores.

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