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The Store Closing Creates An Opportunity For The Mall Business



The mall experts see lots of opportunities every time another retailer closes its doors.
Success in many different industries can sometimes come down to a simple matter of perspective. Where others see obstacles that are far too great to be overcome, others see opportunity hidden within the weeds. As Real Estate Weekly shares, that was the perspective offered up by these retail experts during a panel discussion at New York Law School this week. 

Westfield

The panel was discussing the future of retail. While it’s quite obvious that some serious changes are afoot, the experts offered up an overriding perspective of optimism on what lays ahead.    

“Clearly there are challenges out there for retailers and landlords, but the press obviously loves a good story, and a good story is about store closures and dead malls. And whether that’s reality or not is a totally different question. To say it’s a time of change is really what it is,” Peter Schwartz, senior executive vice president and general counsel of Westfield Corporation. 

Schwartz points out that his company as a whole sees an uptick in traffic, and opportunity continues to sprout every time another retailer closes its doors. 

“It’s a changing environment, there’s a lot going on with department stores and the mall side of the business. For us, these stores closing, it’s an opportunity. Taking out a dead store - they’re only closing stores that aren’t doing well - creates an opportunity for us. We think it’s a great environment,” he continued. 

Susan Kurland, co-head and executive vice president of the global real estate services group at Savills Studley, concurred that the retail landscape is changing, but she was quick to point out that retailers that are willing to adapt to the times may end up being quite pleased with the end results. 

“Because the online shopping is an issue, bricks and mortar isn’t going away, but the successful retailers are going to have to understand and learn how to integrate the two of those to be successful,” she said. 

Add it all up, and the panel concluded that some of the gloomy stories making the rounds on the future of brick-and-mortar retail have been vastly overblown. The retail landscape is certainly changing, but it remains alive and well.  

“It’s not all an ugly situation, it’s a changing market, not only from a real estate price perspective but the structure of retail itself is changing,” Kurland continued. 



Dec 25, 2023, United Kingdom:
Nestled in the historic heart of London and renowned for its Georgian-era architectural splendor.
Dec 25, 2023, USA:
The company emphasized that cost-cutting is a pivotal focus for its future endeavors.
Dec 22, 2023, United Kingdom:
The sports giant has joined a long list of international brands that will open their store doors at Trinity Leeds shopping center.
Dec 22, 2023, Austria:
The brand will present at iconic locations such as Cortina d'Ampezzo in Italy, Zermatt in Switzerland, and Hochzillertal-Kaltenbach in Austria.
Dec 21, 2023, USA:
Italian fashion house has sealed a deal to acquire the building housing its flagship store.
Dec 21, 2023, Mexico:
Luxury French fashion house Zadig & Voltaire has unveiled its boutique in Mexico City.
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