Department Stores Cling to Power Over Landlords on Mall Upgrades

Department stores may be struggling to draw customers, but they haven’t relinquished their hold on America’s malls. Thanks to REAs (Recipocal Easement Agreements) even aging retail juggernauts are exploiting contracts with landlords that give them the power to dictate how a property can be developed, covering everything from parking to signage to what types of operators are allowed into a center. Read more at Bloomberg.