2008 Store Closings in Your Neighborhood -- Who is Next?

Store Closings and Layoffs Are Killing California Strip Malls

Store Closings in Your Neighborhood

The shopping mall - ground zero for teenaged dating rituals - is becoming the economic battlefield on which the retail store closings are the casualties of failed economic growth polices. Store closings in 2008 are at an all-time high, affecting countless thousands with layoffs and subsequent fiscal tailspins.

The International Council of Shopping Centers released its October figures and revealed that "chain store sales fell 0.9 percent." As early as April of 2008 the Council noted an anticipated store closings increase by 25% over last year. In plain English this means that in 2008 there are about 5,770 store closings on the horizon. Mind you, these closings refer to chain stores, not the mom and pop shops or unique mall stores that are also closing their doors at alarming rates.

Store Closings 2008

Retail Info Systems News details the announced store closings - as of April, 2008 - that include 117 Ann Taylor stores, 150 Lane Bryant/Fashion Bug boutiques, 140 Foot Locker stores, 9 Macy's stores, 33 Pep Boys venues, 125 Sprint Nextel outlets, and 100 Zales storefronts.

Then came the bankruptcies. Friedman's Jewelers and its sister company Crescent Jewelers went bankrupt and were sold to Whitehall Jewelers, which went bankrupt in August, 2008. Mervyns, an anchor store of California shopping malls, closed its 176 stores and let go more than 20,000 employees. The Sharper Image lost about 2,500 workers and closed 186 stores.

Shoe Pavilion and Levitz Furniture, as outlined by Bloomberg, closed their doors as well. So did Circuit City when it turned off the lights in 150 stores. Dillards closed 6 stores, Disney let go of 98 stores, and Wickes Furniture locked up tight 38 stores.

Projected Future Store Closings