Sears Drops the Other Shoe
Didn't have to wait long for this. As I predicted, Sears is shutting down the Ivy place K-Mart. Another big dead space in the middle of things. Retail is truly a mess, and that means that, in spite of all the Class A office space being slapped up to house the 1%'s service industries (law firms, CPAs, investment houses, etc.), the economy is hollowing out. What to do? Good question given that we are marching in the exact opposite direction from anything that could solve any of this. If I were a bright boy at Goldman Sachs, though, I would be creating funding vehicles for redeveloping these parcels. Into what? I have no idea. Caviar shops and Rolls Royce dealerships. You have to shift the properties to the people who are still buying. Because what's obvious is that the people these properties were targeting aren't buying anymore.
Labels: 1%, going dark, Goldman Sachs, K-Mart, Sears
posted by Knute Rife @ 10:06 AM
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