Article courtesy of Quartz, written by Marc Bain.
Customers have fled department stores in droves, causing sales to plummet. But physical stores haven’t shut down fast enough to keep pace.
Store productivity, measured as sales-per-square-foot, has dwindled as a result, according to new research by Green Street Advisors, a real estate research firm. To achieve the same productivity U.S. department stores enjoyed 10 years ago, they would need to collectively close about 800 stores.