The announcement that big retailers like J.C. Penney and Macy's will be laying off thousands of workers and closing stores is really bad news for those will lose their jobs. But Stacey Widlitz, president of SW Retail Advisors, sees this as long overdue for the retail industry.
"This is the best news I have heard in a long time because retail needs to go on a diet," she told CNBC's "Street Signs" on Friday. "During the great years we built too many stores and retailers have just been so reluctant to grasp reality and cut a good percentage of their stores."
She added that online shopping has also contributed to the need to cut down on store space across the board.