This Chart Shows Just How Much America’s Malls Are Incredibly Dependent On Struggling Retailers
America’s malls are incredibly dependent on struggling retailers, particularly department stores. And this could prove to be an even bigger issue for mall owners as the rate of retail store closures accelerates rapidly because of the coronavirus pandemic. A new analysis by commercial real estate services firm CoStar found that 14 of the 20 largest mall tenants are either apparel retailers or department store chains. Names on the list include bankrupted Forever 21 and L Brands’ Victoria’s Secret, which announced this week it plans to close 250 stores in 2020, with more closures on the way. Department store operators Macy’s and J.C. Penney take up the largest share of mall space in the U.S., according to CoStar’s analysis, or 6.2% and 6% of space, respectively. Read more at CNBC.
