Retail sales fall to 2001 levels

Retail sales per square foot have fallen to levels last seen in 2001, according to the business advisory firm Deloitte.  While consumer spending has weakened in the recession, it is the relentless growth in capacity that has dramatically brought returns per foot down, Deloitte said.  It estimates that the industry has added more than 50m square feet of space, after factoring in closures, during the past 10 years.