Mall Owners To Department Stores: See Ya!
America’s second-largest mall operator has a message for department stores leaving its malls: See ya, wouldn’t want to be ya.News that Macy’s plans to close 100 stores, or 14 percent of its fleet, sparked fear of other big chains such as Sears and J.C. Penney following suit. That could create a glut of vacant mall space, which might be bad news for malls that house such anchor chains. General Growth Properties, however, implied at a real-estate conference on Tuesday it would be just fine with Macy’s leaving some of its malls. In fact, it’s in discussions with Macy’s and other anchor tenants about which malls it wants the chains to leave. Sounds like a strange thing for a mall operator with Macy’s in about 70 percent of its malls to do, no? Read more at Bloomberg.
