Major Mall Developer Says It Will Close 72 Shopping Centers On Thanksgiving
Black Friday will actually be on Friday this year as dozens of U.S. malls announce closings. CBL & Associates, a major developer based in Chattanooga, Tenn., said on Wednesday that it’s closing 72 of its malls on Thanksgiving as opposed to opening at 6 a.m. on Black Friday. The developer, which owns or has an interest in 89 malls and open-air shopping centers concentrated in the South and Midwest, opened at 6 p.m. on Thanksgiving last year, according to CNBC, which first reported the news. That doesn’t mean all the stores will be closed as department stores, like Macy’s and J.C. Penney, can keep their doors open so long as they have an exterior entrance to their store. Movie theaters, restaurants, and other tenants with outside entrances can also stay open. The news comes on the heels of Mall of America’s decision to close its door on Thanksgiving. In recent years, retailers have moved Black Friday sales up to the afternoon of Thanksgiving in hopes to get a jump on a five-week period that can generate 25% of annual sales. (Penney took that to extreme last year, opening at 3 p.m. on Turkey Day.) Read more at Fortune.
