US Department Stores Need To Close Hundreds Of Locations, Green Street Advisors Says

Department stores need to shut down hundreds of locations if they want to return to 2006 level of productivity, according to Green Street Advisors. Data from the real estate research firm suggest the sector needs to close about 800 department stores, or about 20 percent of all anchor space in the United States. Based on estimates, Sears Holdings Corp. alone would need to close 43 percent or 300 of its stores to regain the sales per square foot the retailer had in 2006. Sales at department stores average $165 per square foot in 2015, a 24-percent decline from 2006.