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Suffering in Store for Retailers in 2002

LOS ANGELES-All signs point to 2002 being worse for retailers than 2001, when nearly 6,000 stores went out of business, according to the International Council of Shopping Centers.

By Peter Landau | Updated on January 03, 2002

LOS ANGELES-As an ominous ringing in of the New Year, industry analysts are predicting the shuttering of retail stores will be commonplace in 2002. They see retail companies being forced to shut stores and distribution centers, file Chapter 11 or merge with larger companies to survive the economic fallout of the coming year.

Weakness in apparel and specialty stores is more profound than recent years as we move into the post-holiday period, a fact that does not bode well. Last year, nearly 6,000 stores went out of business, according to the International Council of Shopping Centers. In 2000, Over 1,000 stores closed, and during the five year period between 1995 and 2000 the average number of closings per year was 3,345. 2002 may figure as a dire ground-breaking record.

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