Department stores shutting down could push malls into extinction - Business Insider

UBS recently estimated that about one in five clothing and accessories stores — or roughly 24,000 locations — will close in the next five years and pandemic hammers retailers. When anchors close, malls are put in the challenging position of finding new tenants for their biggest stores or facing sharp declines in business.

"If Neiman's rejects a lease, I don't know who's going to pick up that space," said Paul Steven Singerman, co-chair of the Florida-based bankruptcy and restructuring practice Berger Singerman. "That's a big bite in terms of space and a highly stylized interior that might not work for other 'A' retail-anchor types."

In best-case scenarios, malls have redeveloped anchor spaces and found tenants able to pay even higher rents, like restaurants or apartment complexes. Cowen analyst Oliver Chen has predicted that as many as 400 malls could close as retailers shut more stores permanently in response to the pandemic.

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