NEW YORK (
) - Retail stocks have been unimpressive in 2011. While the overall space didn't get any worse than the year prior, there weren't remarkable improvements either.
The S&P Retail Index has increased 4.4% so far in 2011 to 536.34. Out of 83 top retail stocks, 37 saw their share price decline, with 31 of those declining by more than 10%.
The office supply space saw some of the biggest selling pressure in 2011, with all three of the major players in the space coming in at the top of the biggest decliners list. This doesn't come as a surprise as the office supply sector continues to be hurt by weak consumer spending and business trends.
Women's apparel retailers also continued on their downward trajectory, with all five major companies seeing their stock tumble during the year.
For the most part, the biggest stock decliners are being hurt not by the macro-environment, but by their own internal issues. This makes 2012 a critical year for these companies to get back on track or risk a serious shakeup in their business.
Here's a look at the biggest retail stock decliners of 2011, as compiled by I-Metrix, and the outlook for recovery in 2012.