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Texas Braces for 33 Kmart Shutdowns

AUSTIN-The brokerage community is well aware that location will be the saving grace for many of the Kmart stores ticketed for shutdown. Though classified as underperformers by the bankrupt chain, some are in excellent position for re-leasing.

By Tim Green | Updated on March 10, 2002

AUSTIN-Texas will take the biggest hit in the round of Kmart Corp. store closings, losing 33 of the 284 stores that the Troy, MI-based retailer plans to extinguish its blue light. Five of the 12 Super Kmarts on the disposition roster are situated in Texas.

Houston is losing seven of its 10 stores while Dallas-Fort Worth area loses seven of its 16 stores. San Antonio will be down two stores, but left with four, including two Super Kmarts. Austin’s trio of Kmarts will be cut to one. Meanwhile smaller Texas markets such as Victoria, Kerrville and Borger are losing their only Kmart stores. Kmart is awaiting bankruptcy court approval to shutter stores classified as underperformers, most of which are in leased locations.

How fast the stores find new tenants depends largely on the circumstances surrounding individual shopping centers and their local markets. San Antonio offers a perspective on what could affect interest in the properties.

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