When Macy’s CEO Terry Lundgren appeared on CNBC last week to discuss his company’s plans to shutter 100 stores, he noted that the U.S. has a “ridiculous” amount of retail space, equaling about 7.3 square feet per capita. That’s well in excess of the 1.7 square feet per capita in Japan and France, and the U.K.’s 1.3 square feet.

Indeed, retail industry observers have argued for years that the U.S. is “overstored,” and as more shopping shifts online, the costs of maintaining brick-and-mortar stores will prove too much for many chains. The problem, years in the making, is getting only worse, according to retail analysts.

“The U.S. is the most overstored it’s ever been,” said Jan Rogers Kniffen, an independent retail industry analyst.