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Maybe the Worst Is Over?
While the number of stores closed in 2012 increased by 9.6 percent over 2011, the amount of retail square footage lost to the market decreased by 28.8 percent, according to the International Council of Shopping Centers/PNC Research’s January report. In 2012, 46.5 msf of retail space closed, compared with 65.3 msf in 2011. The amount of 2012 space closed was more in line with the 46.7 msf of space closed in 2010, perhaps indicating that retail is right-sizing itself due to smaller stores and better locations.