CNBC Nightly Business Report: The Power of the American Consumer
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.
To watch the full video, click here.
To read the full transcript, click here.