Find in the news:
BY COUNTRY

Malls Moving On From Department Stores



Mall owners are finding that they must evolve as well in order to remain relevant with today’s consumer.
As the retail landscape continues to change, mall owners are finding that they must evolve as well in order to remain relevant with today’s consumer. According to MarketWatch, that’s leading many to realize that their reliance on department stores as a means to drive foot traffic is a theory that’s best left in the past.

Take the case of the CoolSprings Galleria in Franklin, TN. A once thriving Sears store has been shuttered, and rather than replacing it with another big box retailer, the space has been divvied up into smaller sections. The former Sears space now houses a Cheesecake Factory, as well as retailers American Girl and H&M. 

"The definition of an anchor has changed. Cheesecake Factory does as much business as Sears used to do," says Stephen Lebovitz, chief executive of mall owner CBL & Associates Properties. 
CBL & Associates isn’t alone in its thinking among mall owners. General Growth Properties has shifted its anchor strategy over the past five years, and has actually taken back space from 65 department stores across its properties. The former department store space is now occupied by tenants that include Wegmans Food Markets, 24 Hour Fitness and Dave & Buster’s. 

"The dependence of malls on department stores isn't what it was 25 years ago," said Sandeep Mathrani, General Growth Properties CEO.

Mall giant Simon Property Group has been in front of the trend as well. The mall owner has replaced 50 department stores over the past 15 years, and now houses tenants such as Target, Forever 21, and Primark in their place.

Florida mall

Simon’s Florida Mall in Orlando, FL offers an interesting case study in the company’s reducing reliance on department stores. The company tore down both a Nordstrom and a Saks Fifth Avenue, and went in a different direction entirely. The space that Nordstrom used to occupy now houses a Dick’s Sporting Goods and a family geared attraction called the Crayola Experience. Saks has given way to a dining pavilion that houses nearly two dozen restaurants.

Despite the increase in the trend overall, mall owners are facing roadblocks in certain circumstances, as Green Street senior analyst DJ Busch explains.

"Landlords have tried to be more active in buying back space, but there is a big gap in what they are willing to pay and what department stores are asking," he says. 

Related shopping malls and stores:

More about shopping malls in the USA



YESTERDAY, USA:
The retailer plans to close 23 stores shortly due to difficulties in paying rent.
YESTERDAY, North America, North America:
According to a Green Street study, the value of leading malls in the U.S. is down 46% from 2016.
DAY BEFORE YESTERDAY, Sweden:
The brand will introduce the new virtual fitting room in test mode in the summer of 2021.
DAY BEFORE YESTERDAY, USA:
Pizza Hut said it intends to expand its menu to include the fast-growing Detroit-style pizza, which has become very popular in the United States.
DAY BEFORE YESTERDAY, USA:
The company cites declining sales in physical stores during the pandemic as the reason for the mass closures.
Jan 25, 2021, USA:
The new Nike Live store opened in Oregon, becoming the fourth location in the new format after stores in Los Angeles, Tokyo, and New York.
Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us