Sears had a deal with the Holly Hill Mall in Burlington, NC that isn’t unusual: the retailer gave the mall a small percentage of its sales instead of paying a fixed rent. That amount has evidently fallen over the years as the popularity and business prospects of Sears fell, and now the mall has sued Sears for failing to keep up its end of the lease. [More]
Earlier this week, a bankruptcy judge approved a $243 million bid from a group of mall landlords, liquidators, and a licensing company that would save 229 of Aeropostale’s 720 stores from closing their doors forever. Things are looking even better than expected now for the teen retailer, as its new owners say they’ll be able to keep open 171 more stores than originally planned. [More]
Maybe it’s just because Foot Locker had sales growth to report because people are snapping up higher priced- basketball and running shoes, but the company’s CEO seems to be in a very positive mood about the state of malls in the U.S., which is surprising at a time when other mall-based retailers are struggling. [More]
Yet another designer brand has decided to pull back on its department store presence in an attempt to polish up its image in the eyes of consumers and boost flagging sales. Michael Kors announced it will no longer accept coupons for its merchandise sold in department stores, and will be pulling back from that category in general come next year. [More]
Baby boomers are getting older and need more medical care, millennials’ kids need vaccinations and checkups, and malls have relatively cheap rent and plentiful parking, and need more steady tenants. What does all of this add up to? An expansion of health care facilities in malls to more than the urgent care facilities that we might be used to. [More]
What actually draws you to the mall, when you go there? A generation ago, you might have headed to your nearest mall to buy a refrigerator from Sears or a dress from JC Penney. Today, though, customers are less interested in hulking department stores, and more likely to visit their local mall to have dinner at a Cheesecake Factory or shop at an Apple Store, and skip the department store. Mall owners are noticing. [More]
While teen retailers like Aéropostale and PacSun are going down in flames, their rivals are hunched on the sidelines, waiting to pick their bankrupted bones clean. There’s still money to be made catering to teenagers, after all, and analysts say Abercrombie & Fitch could be the one making it. [More]
Once upon a time, not terribly long ago, enclosed shopping malls were mammoth physical manifestations of the great American retail experience — just about everything you could want to buy all in the same sprawling building, anchored at various points by those glorious national department store chains. Then came the dramatic shift to big box stores, offering everything from TVs to hardware to clothing to groceries from one store, followed by the advent of online shopping, where all this shopping can be done in your undies and everything will be delivered to your door. One retail analyst says that recent underwhelming sales figures from Macy’s and other mall mainstays could indicate that many of these relics of the not so distant past are doomed. [More]
Finish Line, a mall retailer that sells athletic clothes and sneakers, has had a rough year. Specifically, they’ve had supply chain and order management issues that began in the fall and lost them an estimated $32 million in sales. Today, the company announced that they’ll be closing as many as 150 stores over the next four years, almost a quarter of the chain. [More]
Everyone knows that a handful of major retailers now choose to open on Thanksgiving, but most smaller businesses have remained closed on the holiday — whether it was out of a desire to enjoy the day, or simply because the extra expense of paying people to work on Thanksgiving wasn’t worth the few hours of additional sales. But now some shopping mall operators are spoiling the holiday for their smaller tenants by forcing them to open up on Thanksgiving. [More]
When something is free one year and then comes with a fee the next, you better believe there are going to be customers who notice. As such, the management company at a New Jersey mall has backed off its experiment to charge visitors for the privilege of meeting (or even seeing) Santa Claus after parents complained that access to St. Nick’s lap should be free for everyone.
UPDATE: Later on Monday, the mall’s management group announced it had decided to make visiting Santa Claus free after all. [More]
Shoppers At Simon Malls Do Not Want Santa Claus Living In Some Sleek, Modern Version Of The North Pole
His belly will always resemble a bowl full of jelly, he will always drive a sleigh pulled by flying reindeer and Santa Claus will always live at the North Pole. And according to disgruntled shoppers at Simon Malls, his polar home at the mall dang well better be in the traditional style we’re all used to, and not some futuristic, modern place with nary a poinsettia in sight.
If you’re worried that online shopping is killing off real-life commerce, don’t fret just yet. A popular online jewelry seller, BaubleBar, is bringing its brand to Roosevelt Field Mall on Long Island. Yes, they’re moving from online to real life, opening a physical store where loyal customers and new ones can touch and try on their jewelry before buying. [More]