NEW YORK (CNNMoney.com) — As the recession leaves more retail casualties in its wake, rising store bankruptcies and mall closures could have devastating economic consequences.
As more stores exit malls, vacancies in regional malls could rise past 7% by year-end, a level not hit since the first quarter of 2001, according to real estate research firm Reis.
Major cities across America will be affected, said David Birnbrey, Chairman and co-CEO of Atlanta-based The Shopping Center Group, a retail real estate services firm.
Both Birnbrey and Susan Wachter, professor with University of Pennsylvania’s Wharton …

NEW YORK (CNNMoney.com) — Retail sales fell for the fifth straight month in November as mounting job losses last month curbed consumers’ ability and willingness to spend money in stores.
The Commerce Department said Friday that retail sales fell 1.8% last month, compared with a revised 2.9% drop in October, the worst monthly sales on record. October sales were originally reported to have tumbled 2.8%.
Economists surveyed by Briefing.com on average had forecast a decrease of 2% for November.
November is a crucial sales month for retailers since it marks the start of …

New York City-based label Reason Clothing has opened their doors to Manhattan’s East Village. The shop, located at 206 East 6th Street, is situated in a historic Cooper Square storefront, featuring the brand’s private label collection as well as an exclusive in house line of t-shirts, hats, and woven apparel. Being the first retail endeavor for owners Philip Bassis and Jonathan Price Totaro, the opening is a true labour of love coming into fruition. Be sure to stop by if you’re in town.
REASON
206 East 6th Street
(Between 2nd Ave. and Cooper …

Its on again!!

Diddy adds to his empire!

Def Jam starts new trend.

Government reports a worse-than-expected 2.8% decrease; sales
excluding autos also fell a much worse 2.2 %
NEW YORK (CNNMoney.com) — U.S. retail sales in October suffered the worst monthly drop on record as more Americans shunned discretionary purchases amid accelerating job losses in a worsening economy.
It marked the fourth consecutive decline in monthly retail sales.
The Commerce Department said Friday that retail sales fell 2.8% last month, compared with a revised 1.3% drop in September. September retail sales were originally reported to have dropped 1.2%.
“These numbers reinforce the fact that we are in …

50 Cent breaks new ground again!

The retail sales slump is getting worse. Be prepared!

Louis Vuitton explodes into NYC with new flagship store.