Thousands of Stores to Close in 2009

When CNN Money posts a story like this, it justifies much of what I and other realists and proponents of change have been saying…

The ugly sales year that was 2008 will haunt U.S. retailers in 2009, with industry experts warning that disastrous holiday sales will spark a domino effect of store closures and bankruptcy filings.

And, with thousands of fewer stores, the “shop-’til-you-drop” mentality that has characterized American consumerism could be coming to an end…

[snip]

But given the level of anxiety in the industry about a severe spending freeze, he said many retailers are already looking at closing up to 25% to 30% of their store base.

“Obviously fewer stores means less choice for consumers,” he said.

“I think the whole consumer economy is being recalibrated,” said Kampler. “It’s something that’s not been done in decades. I think it will be a three-year recalibration of consumer behavior and expectations.”

via Experts anticipate thousands of store closures in ’09 – Dec. 31, 2008.

Canada will not be immune from these closures. For a while it will appear that all is well up here, but eventually things are going to start leveling out across the continent with shortages in goods and closures of big box stores.

Repeat after me, “Small Towns, Local Economies, Small Towns, Local Economies, Small Towns, Local Economies…”