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.

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Business Insider presents: Starting Up with Slack cofounder and CTO Cal Henderson - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Herkunft: BusinessInsider - 🏆 729. / 51 Weiterlesen »

Curbside pickup helped retailers that closed stores during pandemic - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. costcocanada you've missed out on this big time. We would have loved to continue shopping there but chose to shop curbside They definitely put the Dick's picture there on purpose under that headline.
Herkunft: BusinessInsider - 🏆 729. / 51 Weiterlesen »

How Barbara Corcoran's Shark Tank businesses are pivoting due to COVID - Business InsiderBarbara Corcoran says her 'Shark Tank' businesses have reinvented themselves during the pandemic. 4 of them told us their winning strategies — and how one is posting revenue 15 times higher than a year ago.
Herkunft: BusinessInsider - 🏆 729. / 51 Weiterlesen »