And theres this article too:
Dark days for retail
Pain of '08 will flow into '09; malls, chains and warehouses are bracing
On Glimcher Realty Trust's income statement for 2009, a new financial measure has been inserted: They're calling it "planned surprises."
It's a sign of the times, reflecting the likelihood that the Columbus-based mall developer will lose income when retail tenants close stores this
Some experts say that the number of store closings in 2009 will be the most in 35 years, affecting every sector from apparel to electronics.
"You know someone's not going to be around as a retailer," said Glimcher Realty Chairman and Chief Executive Michael P. Glimcher. "We don't know
exactly who it is. Someone's going to surprise us negatively."
This year promises to be full of surprises for nearly everyone associated with the retail industry, from the chains themselves and warehouse
operators, to shopping-center owners and real-estate brokers. And shoppers who are still willing to spend in this listless economy might see several
of their favorite stores go under.
In the past six months, chains including Circuit City, Value City Department Stores, Goody's Clothing and KB Toys have declared bankruptcy. On
Friday, Circuit City became the latest to announce liquidation plans after it failed to find a buyer or arrange needed financing.
Several department-store anchors, including Sears, are on analysts' watch list. Further, the credit crunch has made it much more difficult for ailing
companies to raise the money needed to reorganize and emerge from bankruptcy, experts say.
Store closings most likely will affect central Ohio shopping centers, said Columbus retail analyst Chris Boring of Boulevard Strategies. Boring
expects store vacancies locally to exceed the high of 12 percent recorded in 2002.