Sears filed for Chapter 11 Bankruptcy protection on October 15, 2018. The company has over $11 billion in liabilities and plans to close nearly 200 stores by the end of 2018. At its peak in 2011, Sears an Kmart had a combined total of just over 4000 stores. It started 2018 with about 900 stores, and plans to close almost 200 before the end of the year.
The average store is about 100,000 square feet, and approximately 3300 stores are or will become available. Based on quick calculations, that is about 330 million square feet of retail space. Most of these stores are in high density commercial centers and shopping malls.
With the closing of Toys R Us and other big retail businesses, an enormous amount of commercial retail space is available. The question is, what does the next generation of retail commerce look like?
Many shopping centers are moving away from retail shopping and moving toward entertainment experiences.