Jun
12
These Cities Have Too Many Stores, and They’re Still Building
ByCleveland, Memphis, and Chicago lead the way among metro areas where retail development has outpaced growth in demand.
What were they thinking in Cleveland?
Real estate developers built more than 21 million square feet of new store space in the Northeast Ohio metropolitan area from 2000 through the first three months of this year, increasing its retail footprint by 21 percent.
But while the new stores were moving in, the shoppers were moving out. The metro area’s population declined by more than 90,000 over a similar period, and it became a stomping ground for students of the dying American mall…
These Cities Have Too Many Stores, and They’re Still Building
