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Department stores to close, mall owners opening doors
Research - MAY 4, 2020

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Department stores to close, mall owners opening doors

by Andrea Zander

More than 50 percent of department stores anchoring shopping malls could permanently close within the next 12 months, according to a Green Street Advisors’ report cited by CNBC.

There are about 1,000 malls still open in the United States. And roughly 60 percent of those have department store retailers, such as Macy’s. Green Street is predicting that retailers’ rent-paying ability will be impacted for years because of the pandemic.

“The only certainty is that there will be far fewer department stores in the future and malls will need to adapt,” said Vince Tibone, a retail specialist at Green Street Advisors.

Malls are opening slowly. Currently, the CEO of Macy’s said they’re first reopening stores (68) in states that are easing social distancing restrictions — such as Georgia, South Carolina and Texas. About a quarte

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