Sad news for shoppers. All indications are that the Union Square Virgin Megastores will be shutting down in 2009. The 58,000 square-foot Union Square location is currently being peddled by Winick Realty to potential buyers; estimated price for the retail space at Virgin is between $750 and $1000 per square foot. Virgin was unavailable for comment on whether the Megastore would open downtown at another location. However, it does not look good given the chain's recent super shrinkage.

Last day of business for the Union Square location will be February 1, 2009.

So you get a year's notice that a store is going to close? Awesome.