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Fast-fashion pioneer Forever 21 recently announced it may close 178 U.S. stores after filing for Chapter 11 bankruptcy. Nearly 20% of the company’s locations are in California and 40 of these stores have been slated for possible closure, including 20 in the Greater Los Angeles, Orange County and Inland Empire region. As a result, nearly 800,000 sq. ft. of mid-size retail, big-box and mall anchor space may become available.

Forever 21’s downsizing could provide expansion opportunities for other retailers. Most of the store closings would take place in malls with limited retail and big-box availability in the surrounding area. The average vacancy rate is 4.6% within a three-mile radius of each Forever 21 location, --well below the region’s overall rate of 5.7% and the national average of 6.2%. A fresh supply of available space could provide opportunities for large-sized retailers in an already tight market, particularly in the furniture, health & fitness and entertainment categories. Opportunities for expanding retailers will abound in the local market, even if some don’t last forever.
 


Source: Forever 21 Press Release, CoStar, CBRE Research, October 2019.



Source: Forever 21 Press Release, CBRE Research, October 2019.
 
 
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