Lowes to Close Stores;Gap to Close US Stores, Expand in China; Best Buy to Reduce Square Footage by 10%; Mall Vacancies Record High; Grim Jobs Picture

Financial job carnage has already been announced. Layoffs in the financial sector may affect 80,000 or more. Cash strapped cities and states are shedding workers. Housing is abysmal. To top it off, Retail jobs carnage is just around the corner.

Gap will close 189 stores in the US and instead expand in China.

Walmart plans smaller stores.

Lowes announced today it will close 20 stores affecting 1,950 employees.

Best Buy plans to reduce square footage by 10%.

Regional and strip mall vacancies are at record highs already.

How many trucking jobs will that cost? How many manufacturing jobs? Note the implications on commercial real estate rents and prices.

Today Citigroup set aside lower reserves for losses. What a farce.

Let’s take a look at some of the retail stories.

Lowe’s to Close 20 Stores, Reduce Planned Openings

The Wall Street Journal reports Lowe’s to Close 20 Stores, Reduce Planned Openings

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via Mish’s Global Economic Trend Analysis: Lowes to Close Stores;Gap to Close US Stores, Expand in China; Best Buy to Reduce Square Footage by 10%; Mall Vacancies Record High; Grim Jobs Picture.

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