According to CNBC,

Last year, more than 500 apartment stores closed their doors for good.  Bon-Ton liquidated, Sears (NASDAQ:SHLD) filed for bankruptcy and closed  hundreds of locations, JCPenney and Macy`s (NYSE:M) also went through a  store closure program.  We simply spend less at department stores than we  used to.

Vince Tibone, Green Street Analyst:  We do think there will be much more department store closures over the next five to ten years.  Macy`s (NYSE:M) has also had its, you know, struggles, but we think there`s a — JCPenney  is really the most imminent concern from the department store front.

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