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Retail Bankruptcies Depress Big-Box Rental Rates

PHILADELPHIA-As Ames Department Stores vacates 67 stores in Pennsylvania and 11 in Ohio, published reports estimate that retail rental rates, already dampened by the closing of 17 Youngstown, OH-based Phar-Mor stores, will drop another $4 per sf.

By Marita Thomas | Updated on August 16, 2002

PHILADELPHIA-Retailers looking for bargains seem certain to find them in Pennsylvania in general and near Pittsburgh in particular. This month, Rocky Hill, CT-based Ames Department Stores lost its year-long battle to emerge from Chapter 11 bankruptcy protection.

Ames will close all of its 327 stores, 97 of which are in Pennsylvania, within the next 10 weeks. Only New York State will lose more Ames units. Ohio loses 11.

Pittsburgh alone has three Ames stores. One of the largest is at The Waterworks on Freeport Road. Also among the chain’s larger are units in Bethel Park, PA, and at Liberty Plaza in Youngstown, OH.

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