Big box shutdowns lie at the root of the problem. Weiner'sclosed all of its stores in bankruptcy proceedings, although thereport does mention that Falles Paredes, a California-based storechain with a similar concept to Weiner's has acquired 10 of 25leases for Weiner's in Houston. Krause's Furniture is closing allsix of its Houston-area stores and seven big box closings in thecity are attributable to the Montgomery Ward bankruptcy. SuperStandMagazine, a Houston-based chain closed three of its five Houstonstores. Gerland's grocery closed three stores, with one locationbeing picked up by Fiesta. Albertsons also is closing some Houstonstores.

In looking at the last year's statistics, the report says theregion's absorption is down about 4.8 million sf from the prioryear. Regional malls and neighborhood centers took the hardesthits. Regional malls absorbed a negative 311,160 sf in the thirdquarter while neighborhood centers came in at a negative 527,440 sfof absorption.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.