Seriously overstored, retailers will shed 1 billion square feet of space

Real estate data firm CoStar estimates that the retail industry will need to come to terms with a surplus of nearly 1 billion square feet of selling space in coming years. Although many major chains have announced plans to close, collectively, hundreds of locations in 2017, analysts believe that, especially due to the rise in internet sales, retail execs are in denial as to how many retail locations can remain viable.