Maryland feeling economic fallout

by Andrea K. Walker
BaltimoreSun.com

The fallout from the recession is apparent in empty storefronts at shopping centers and strip malls throughout the region as retailers shut their doors to cut costs amid a steep slowdown in consumer spending.

The closings could have a wide impact on the local economy, hurting developers and retail brokers and leaving consumers with fewer shopping choices. Struggling shopping centers and malls, such as Owings Mills Mall, could face further hardships. Vacancies could hurt other businesses in retail centers that rely on a variety of shopping choices to attract customers."Every retailer is in the mode of conserving cash," said Howard Davidowitz, chairman of Davidowitz and Associates, a real estate brokerage and consulting firm in New York. "And almost all of them are in a form of life support."

Circuit City, which filed for Chapter 11 bankruptcy protection in November, has closed 15 stores in the area, leaving shopping centers such as the Centre at Golden Ring with hulking vacancies. Towson Place shopping center is trying to lease a vacant former Blockbuster along with the empty space where discounter Filene's Basement recently shut its doors. Filene's also left vacancies at Snowden Square shopping center in Columbia and Hunt Valley Towne Center, which also recently lost a Cheeburger, Cheeburger franchise.

An entire shopping center sits vacant on York Road in Towson, where bankrupt Linens 'n Things and the electronics chain Tweeter went out of business late last year. The center's CompUSA closed two years ago.

There were 6,913 store closings nationwide in 2008, according to the International Council of Shopping Centers, the most since the trade group began tracking the data in 2001.

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