The Real Deal Miami

More retail closures could be on the horizon

February 10, 2010 11:30AM

While the rate of major retailer closings in the U.S. has been noticeably slower than it was this time a year ago, when seven retailers had filed for bankruptcy, some experts say they don’t expect the calm to last. Last year, many retailers stayed in business because they got rent concessions from their landlords, according to Matthew Bordwin, a managing director and head of real estate services at KPMG Corporate Finance. But without a turnaround in retail those retailers could continue to suffer, and landlords might not be able to budge any further. “For the most part, the marketplace isn’t changing that dramatically,” Bordwin said. In New York City, mom-and-pop stores have struggled the most, while chain’s have been hurting more nationwide.