Why Carson’s Closing Could Hurt Other Mall Retailers In Chicago Area
With the Carson’s department store chain preparing to shutter its remaining stores, Chicago-area retail analysts expect the resulting drop in consumer traffic will hurt smaller businesses in the same shopping malls. And that, some say, could lead to a “domino effect” that results in more retailers shutting their doors for good — particularly if another anchor store in the same mall calls it quits. “Malls can survive the loss of one anchor,” said Neil Stern, a senior partner with the McMillanDoolittle retail consulting firm. “(But) if a Sears, J.C. Penney’s or Macy’s also closes, they will have significant issues.” Real estate consultant John C. Melaniphy III had a similar prediction for the micro-economies of the shopping malls Carson’s will abandon. “There absolutely will be a negative impact on the customer attraction and sales productivity of the malls,” said Melaniphy, president of Melaniphy & Associates. Read more at Chicago Daily Herald.
