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Store Closings Point to Opportunity for Retail Store Owners

January 19th, 2009

According to a recent online article from Retail Traffic Magazine, it is estimated that 12,000 to 14,000 retail stores are predicted to close in 2009. While this data may act as a deterent to many individuals or companies planning to open a retail store, many others will see this as an opportunity to jump into the retail market.   With vacancy rates expected to reach up to 17% in 2009, many landlords with an abundance of empty retail space will feel the pinch. Existing retail businesses should consider renegotiating their current lease. For many who are opening new stores, you will be able to find space available with more attractive lease rates and options than are typically found.  Don’t be afraid to ask for extra incentives to sign your lease, many landlords will be more than happy to do what is necessary to finalize a deal.