I wonder what Destiny USA will look like at this time next year. How many store fronts will be vacant and how many will try to break their lease with JC Penney calling it quits there. Will be interesting to see how it unfolds.
From the Washington Post:
Hard-hit retailers projected to shutter as many as 25,000 stores this year, mostly in malls
"U.S. retailers will shutter 20,000 to 25,000 stores this year, according to projections released Tuesday by Coresight Research, with as much as 60 percent of those closures occurring in malls...
...many brands, various phases of “reopening” won’t come soon enough. J. Crew, Neiman Marcus, J.C. Penney, Tuesday Morning and Stage Stores — which operates hundreds of Palais Royal, Bealls and Goody’s locations — have all filed for bankruptcy. Brooks Brothers is in talks with banks about financing for a possible bankruptcy that could come as soon as next month, CNBC reported. And Tailored Brands, which owns Men’s Wearhouse and Jos. A. Bank, is considering the same fate, according to Bloomberg News...
In pockets, some higher-end malls invested millions of dollars to reinvent themselves, drawing crowds with glitzy attractions such as yoga studios, pop-ups and microbreweries. But lower-tier properties only fell further behind, especially as anchor department stores dropped. Smaller tenants may be able to negotiate lower rents or break their leases if an anchor leaves, the report noted, contributing to “a ripple effect that spells bad news for malls."