Mainly the new developments are comprised of a huge decline in sales and store closings. Since we are in an obvious recession, a lot of business is being lost, therefore the companies and retailers suffer immensely.
Such closings are Circuit City, Anne Taylor, KB toys, Van Huesen, Sears, Gap Inc., Macys, and many more.
Fortunately the retail industry has a huge block of employment, but still not as much as previous years.
Companies are constantly looking for ways to cut cost so that there will be at least some upturn in profit. We have recently seen the worst holiday season in a very very long time. Hopefully someone can come up with a new and innovative way to make profits and boost annual sales to pull out of these hard times.