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Article: Retail Market Still Slow Amid Downturn

Article from:
Orange County Business Journal
Article date:
August 31, 2009
Author:
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The economic crisis slowed during the second quarter, signaling a possible recovery on the horizon.

But with consumer spending still falling and vacancies still increasing, the retail market continued to be a challenging environment for both retailers and landlords during the second quarter.

Vacancies in Orange County increased to 7.7% from 7.1% and the average asking lease rate fell for the third straight quarter to $2.56 per square foot from $2.61 per square foot.

The second quarter also saw tenants continuing to close underperforming locations. Retailers and restaurants such as Pier 1 Imports Inc., Blue Coral Seafood & Spirits, Rite Aid Corp., Sears Holdings Corp.'s Sears Essential ...

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