Landlords Are Catching Retail's Cold
Slower traffic, store closings will hurt rental demand.
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Retailers' pain is spreading to their landlords.
Macy's, Nordstrom, J.C. Penney and other department stores last week reported another quarter of crummy earnings. They warned a consumer-spending slump (in their stores, at least) shows no signs of abating and that declines in shopper traffic are getting worse. Chains such as Nordstrom said they were re-thinking plans to open new stores, and others are likely to follow suit.