The Real Deal Miami

Record number of US stores closing

July 16, 2008 08:09AM

About 144,000 stores will close around the country this year, up 7 percent from last year, the largest one-year increase in the 14 years that the International Council of Shopping Centers has tracked the numbers. There are more than 1.1 million retail stores in the U.S., according to the 2002 census. In most years, including during tough economic times, the number of new stores nearly equals the number of shuttered stores, the council said. Retail vacancies were high in the second quarter at 7.8 percent, according to research firm Reis Inc.