One of America’s hallmarks as a society is the vibrant, constantly-evolving retail landscape. Consumer retail spending rings up about two-thirds of our gross domestic product (GDP). Five of the world’s largest retailers (by revenue) are US-based companies (#1 Walmart, #6 Kroger, #7 Home Depot, #8 Costco and #10 Target).
According to the 2007 Economic Census, there were 1,122,703 retail establishments with a total of 14.2 billion square feet of retail space in the US. That’s one store for every 250 or so people and a whopping 46.6 square feet for every man, woman and child in America.
Have we become over-stored? Undoubtedly. Back in 1980, there were 8.5 square feet for every US citizen. Even today, the UK has only 23 square feet of retail space for each of its people; Canada 13 square feet; India two square feet; and Mexico only 1.5 square feet. No wonder we see closing malls, vacant store fronts and wobbly chains. This year alone, we’ve seen 600+ Borders, 400+ Blockbusters, 200+ GameStops, 160 f.y.e stores, 117 Foot Lockers and thousands of mom’n’pop restaurants, drycleaners and cupcake makers close.
In spite of all of this, new stores, restaurants and dress shops open every day in America. We’re a nation in search of new, different and better. And this search drives our economy, stokes our competitive fires and makes us what we are as a nation. In some ways, we are what we buy. At Tusco Display, we thrill to serve this demanding, brutal, creative marketplace.
Posted on 5/16/2012 at 8:00:00 PM