The news on store closings and openings continues to pile up. While there is significantly less bad news out there than there was at this time last year, some chains just don't seem to be on solid footing and it might not be due solely to the recent recession. For instance, movie rental chain Blockbuster is suffering from overleverage, but its operating model may also be outdated at a time when movie downloads can be just a few mouse clicks away. As a result, the company is seriously considering bankruptcy.
For more on this and other news from the worlds of retail and retail real estate, follow the links below:
- Barron's reports that Blockbuster may have to file for bankruptcy protection as it struggles with increasing competition.
- As its leases start to expire over the next year or so, Williams-Sonoma plans to renegotiate rents and close some stores in the larger urban markets, according to Home Furnishings Business.
- As more retailers continue to embrace social networking as a way to drive sales, the industry struggles to find a way to measure the impact from postings on sites such as Twitter and Facebook. Boston Business Journal reports that in an effort to solve this problem, Dunkin' Donuts started tracking sales resulting from its Twitter updates.
- The Wall Street Journal reports that Kimco Realty Corp. is considering pulling out of a mixed-use development in Harlem, after being unable to secure its desired tenants. Back in 2007, when Kimco initially conceived the project, inner-city development was all the rage.
- There might be more mall forclosures to come, according to a story in the Daily Herald.
- Boston.com reports that Filene's Basement and Syms continue to open joint locations. The latest will be in Norwood, Mass.
- General Growth started sorting its assets into stable and risky investments, in line with its proposed reorganization plan, reports the Chicago Tribune.