Major U.S. retailers, including the likes of Office Depot, JCPenney and Macy’s, begin their preparations for a forthcoming economic downturn by planning the permanent closure of more than 6,000 store locations. One of these, Office Depot, intends to close 400 stores by 2016. With credit lines running out, increased housing rental costs and less disposable income, discretionary consumer spending is falling.
At present, U. S. consumers enjoy more retail space per person than in any other country. However, that could change as the retail industry begins adapting now to its economic predictions.
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