A division of J.C. Pennies was in the process of starting up 20-25 new drug stories in Colorado. About 9-10 were under construction or newly opened already. One of them is about a mile from my house, and was almost done. I pass another one on the way to work every day which is under construction -- it will probably be abandoned.
Well, what, in its infinite wisdom, are the gods of capitalism doing with the multi-million dollar investment in retail stores and start up costs? Closing them.
The chain has been sold to two new buyers and Colorado wasn't in their plans. So, Colorado now has nearly a dozen brand new stores with no tenants, and half a dozen more half constructed buildings that will be abandoned.
Did J.C. Pennies consider selling the Colorado stores to a Colorado buyer, since neither of its buyers wanted them? Apparently not. But, given the design of the stores, finding alternate uses must be relatively difficult. They are too small to be "big box" stores which is where most of the growth in retailing is these days, and they are ill suited to be restaurants or hotels. Maybe they can be turned into lofts or nightclubs, like abandoned churches.
A dozen abandoned pieces of real estate really isn't national news standing alone. But, the message they stand for: That business does stupid things that are incredibly wasteful, is worth keeping in mind the next time a privatization scheme for some government program comes along.