With just a few months of 2009 gone, there are so many closures of shops, malls in and around New York. Retail tenants in business places have quit from commercial spaces which are almost 8.7 million square feet. In spite of landlords and mall owners reducing their rents by almost 1.8%, retail owners are not staying on. Retail shops are affected, as there are no consumers. People are not interested in spending much now, due to the global downturn in the economy. With many shopping malls and shops closing, the consumers are worst hit with fewer shops and less products to choose from.
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