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Androvett Blog

by Robert Tharp at 1:47:03 pm

From Wall Street to Main Street, Financial Crisis Echoes in Vacant Retail Spaces

If any doubt remains that the financial meltdown is extending to Main Street, consider this recent sobering announcement: Circuit City is planning to

shutter 150 of its big-box stores. The electronics retailer joins a long list of retailers downsizing and leaving a nationwide glut of vacant real estate in their wakes, says John Busey Wood of Thompson & Knight's New York office. "More property will hit the market in the next several months than we've seen in 20 years," he says. "Our experience has shown the necessity of a prompt and coordinated response. You've got to look at reconfiguring existing spaces and the methods to dispose of unwanted properties or locations in creative ways. But many companies are going to be overwhelmed." To interview Mr. Wood, contact Barry Pound at 800-559-4534 or barry@androvett.com.