This past decade has been a revolving door of retail tenants closing stores, followed by the ensuing scramble to fill the empty spaces left behind. We all recall the days of large format retailers such as Linens ‘N Things, Circuit City, Borders, Filene’s Basement, Office Max and, more recently, Sports Authority and Toys R Us. There are many more we could add to this list.
And then we have Sears, JCPenney, and Macy’s: the major department store companies that were blind-sided by the impact of ecommerce and the attitude reversal of shoppers that had grown up on regional malls. More closings resulted. Exacerbating the problem was that these were all large format vacancies that needed to be filled. A certain degree of panic set in among landlords who had to find viable replacements in a retail world that was in a state of disarray. Who would they find?. . . more