Experts expect retail obits in 2009

NEW YORK, Jan. 1 (UPI) -- Experts say the 2008 shopping season that fizzled was the fuse that will lead to thousands of U.S. store closings in 2009.

"There's going to be a massive sea change in the retail landscape," said Nina Kampler, executive vice president at Hilco Real Estate, a consultancy on property issues for retailers.

Kampler said many shopping malls already have large-store vacancies, CNNMoney.com reported Thursday.

Retail obituaries in 2008 included well known names like Linens 'n Things, KB Toys and the Shoe Pavilion.

Michael Burden of Excess Space Retail Services predicted 14,000 stores may close this year, "the highest ever number of closures."

The International Council of Shopping Centers, in turn, said 3,100 chain stores could close before July.

"It's about survivability," Burden said. "Retailers have to really fight to live another day and do what they can to get through to 2010."

"Retailers across the board from top-end luxury to mom-and-pop stores on Main Street are feeling a gigantic consumer (spending) choke from people's perceived and actual loss of wealth," Kampler said.

"At the end of the day, people are buying far less stuff. They are buying what they need as opposed to what they want," she said.