The amount of abandoned and empty office, warehouse and business space continues to grow.Watch for two other retail trends in the next few months.
Stores will close - and chains will reduce their number of stores.
Bloomberg reports a prediction from the International Council of Shopping Centers that US retailers may close 73,000 stores in the first half of 2009.
Talbots Inc. and Sears Holdings Corp. are among chains already closing underperforming locations.
How desperate is this - short term, long term.. OK then hey any term. You name it.
Meanwhile the governor of the Bank of Spain on Sunday issued a bleak assessment of the economic crisis, warning that the world faced a “total” financial meltdown unseen since the Great Depression.”The lack of confidence is total,” Miguel Angel Fernandez Ordonez said in an interview:”The inter-bank (lending) market is not functioning and this is generating vicious cycles: consumers are not consuming, businessmen are not taking on workers, investors are not investing and the banks are not lending. “There is an almost total paralysis from which no-one is escaping,” he said, adding that any recovery — pencilled in by optimists for the end of 2009 and the start of 2010 — could be delayed if confidence is not restored.
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