Photo by r.m.b.

Big retail news from the Washington Business Journal: Metro Center area furniture store West Elm has announced it will close in mid-March. This is especially interesting considering the store was the recipient of a $5 million, 10-year TIF package from the District government in 2007 — an incentive that was supposed to allow the retailer to repay bonds issued by the city with future tax revenue. But West Elm’s sales tax receipts were already running below estimates over a year ago last year, and the recession appears to have finally done it in.

Also of note to bargain hunters — all remaining merchandise has been reduced to clear, so stop by this week if you’re in the market for some new furniture.

UPDATE! Looks like an absolutely enormous Forever 21 is going to go into the space. With H&M, Zara, and American Apparel all within a stone’s throw, looks like Metro Center is shaping up to be something of a low price fashion district.