More than 300 department stores will close in 2017, that means some 36M SF will become vacant throughout the year. Rather than sitting idle, JLL said landlords are likely to pull the following tenants to fill the void: restaurants, entertainment venues and grocery stores.
Nearly half of U.S. shopping center space is leased to department stores, which typically pay low rents per SF. As a result, owners are looking to gain significant opportunities to monetize that vacated space as department stores go out of business, according to JLL’s latest retail report, "Empty to Alive: The Next Use for Department Store Space.". . . more