Announced store closings were down 36% in the first quarter from the same year-ago period, making us think that a lot of weaker retail concepts are getting weeded out. Retailers said plan to close 1,791, according to a report put out by ICSC and PNC Real Estate Research.
Of those closings, 37% are by Borders, Charming Shoppes and BCBG Max Azaria's Max Rave chain. More than 1,600 of the closings account for stores selling general merchandise, apparel and other specialty items.
The slowdown comes as chains like Forever 21, Hhgregg and TJX Cos. are filling spaces vacated by Circuit City and Linens 'n Things.
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