Stores closing at a record pace as the middle class consumer goes from broke to broker

http://www.msn.com/en-us/money/companies/stores-closing-at-a-record-pace-as-amazon-chews-up-retailers/ar-BBzw072?li=BBnbfcL

“It’s an industry that’s still in search for answers,” said Noel Hebert, an analyst at Bloomberg Intelligence. “I don’t know how many malls can reinvent themselves.”
The rapid descent of so many retailers has left shopping malls with hundreds of slots to fill, and the pain could be just beginning. More than 10 percent of U.S. retail space, or nearly 1 billion square feet, may need to be closed, converted to other uses or renegotiated for lower rent in coming years, according to data provided to Bloomberg by CoStar Group.