Another Retailer Spinning In

Watch for Linens 'n Things to file Chapter 11 this week. Retailer restructurings and bankruptcies seem to be picking up steam, which is a bad sign for owners of retail space, especially since we just keep building more. There is some debate over why all these stores are going dark. Some say it is just part of the general mall restructuring; stores are closing in traditional malls and opening in new, open-air malls. The numbers don't add up, though. There are more closings than openings. It also ignores the fact that strip malls, especially the newer ones, are effectively open-air, but they're hating life. And it ignores the reality of consumer confidence. The American consumer is tapped, people, and simply can't afford to buy stuff.

Watch for more dark boxes.