Wednesday, September 14, 2016

Mall Owners to Department Stores: See Ya!

Image result for macy's store closingAmerica'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, said at a real-estate conference on Tuesday that it welcomed Macy's exit. In fact, it's advising Macy's about which malls it wants the chain to leave. Sounds like a strange thing for a mall operator with Macy's in about 70 percent of its malls to do, no? . . . more

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