How Does A Mall Cope When A Big Tenant Like Macy’s Closes?
Like many mall owners, Irvine Co. recently got troubling news: A big tenant at its Irvine Spectrum Center, a Macy’s department store, would close in early 2016. But instead of looking for a new tenant, Irvine Co. is looking for 20 of them. As part of a $150-million overhaul of the open-air shopping mall, the two-story Macy’s building has been demolished to make room for a collection of smaller merchants. Irvine Co. representatives didn’t want to talk about the Macy’s pullout, but in January called it “a unique opportunity to re-balance” the retail center. Landlords nationwide are facing similar challenges because several struggling chains have trimmed their store rosters or gone out of business. Read more at Los Angeles Times.