As Freddie Mercury used to sing, “Another One Bites the Dust”
Actually the last week has brought two more high-profile liquidation announcements: Value City and Shoe Pavilion. Value City will close their remaining 66 stores while Shoe Pavilion will close their remaining 64 units. On the heels of the Linens ‘N Things liquidation and the announcement that Circuit City may close up to 150 of its 700+ stores (my bet is closer to 300 stores by March 2009, following a disastrous Christmas season), substantial power center vacancy may be the real story of 2009.
Perhaps the lyric of the Queen song that is most relevant is, “and another one’s gone, and another one’s gone…”