Indoor portions of shopping malls in New Jersey are open again with strict guidelines, but don't expect Black Friday-sized crowds. "Malls are an undeniable part of New Jersey culture, and we want these businesses to get back up and running in a safe, responsible manner," Governor Phil Murphy said … [Read more...] about 6.23.20: INDOOR MALLS REOPEN IN NEW JERSEY
A few years ago, Macy's announced an investment in 50 key stores across the United States called "Growth50." The program envisioned a $200-million commitment to upgrade 50 key U.S. stores in order to create a more vibrant customer shopping experience. Among other things, the Growth50 stores … [Read more...] about 1.3.20: MACY’S “Growth50” STORE UPGRADES FAVOR CLASS A MALLS
Brookfield Property is developing a 700,000-square-foot regional mall in South Norwalk, Connecticut on West Avenue next to I-95. Construction is nearly complete and the property, called the SoNo Collection, is scheduled to open in October. The mall will be anchored by Bloomingdale’s and Nordstrom’s, … [Read more...] about 8.15.19: Malls Are Not Dead. A New Mall Rises in Connecticut!
The teardown of Euclid Square Mall in Euclid, Ohio, at the center of a roughly 70-acre site, began a new chapter for this failed mall. The dead mall will be replaced by an Amazon fulfillment center, scheduled to open in summer 2019. Amazon paid more than $7 million for Euclid Square Mall and the … [Read more...] about 5.10.19: How Is Amazon a Solution for Failed Malls?
Concerns linger regarding the fate of malls in the United States, even as the sentiment among retail real estate professionals remained upbeat at this year’s ICSC RECon, held at the Las Vegas Convention Center in Las Vegas, Nevada. America’s nearly 1,200 malls will likely be reduced to 600, … [Read more...] about 5.21.18: ICSC RECon Takeaway: Malls Will Continue to Shutter and Evolve
With Sears, Macy’s and JC Penney closing hundreds of stores, mostly in older malls in less-desirable locations, the divide between good malls and bad malls is widening. The best malls, often owned by Simon Property Group, Taubman Centers, Inc. and Westfield LLC, have lenders knocking down their … [Read more...] about 4.5.17: Class B Malls Struggle to Refinance
Shopping malls, already negatively impacted by internet retailing (see our 2.18.14 post “More Thoughts on the Future of Retail”), often find themselves in a serious downward spiral when anchor tenants close their doors. Anchor tenants are traditionally defined as national retail chains that lease … [Read more...] about 5.6.14: Malls Struggle When Anchors Leave