Nearly 1 billion square foot of retail space will be “rationalized” in the coming years through store closures and conversions to other uses. Many retailers also are seeking rent reductions as their productivity has slumped from an industry average of usd 330 in sales per square foot from usd 350 per square foot a decade ago, according to real estate information firm CoStar, cbsnews.com reports.
Retail analyst Jan Rogers Kniffen expects about half of all retail sales to be online by 2030, a huge increase from current figure of about 10%, the source cites. Walmart spokesman Randy Hargrove said the company doesn’t comment on analyst reports, but he noted that in October 2016, Walmart U.S. CEO Greg Foran said “next year you will see us put more capital allocation towards remodels versus new stores.” Hargrove added: “We still see a need for supercenters.”, the source cites.
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