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Major Malls On Brink as MAJOR RETAILERS to Announce Thousands of Store Closings
2017 Jan 5, 12:07pm 11,745 views 54 comments
Comments 1 - 26 of 54 Next » Last » Search these comments
BayArea
@
2017 Jan 5, 12:14pm
It's about time. How many rag selling stores can you have out there?
BayArea
@
2017 Jan 5, 12:29pm
Actually, this one may be the internets fault.
100% right.
Thank gawd the population is spending less time congregating in mall parking lots, creating traffic jams, and filling stores overrun with rags
zzyzzx
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2017 Jan 5, 12:39pm
Actually, this one may be the internets fault.
I don't see the internet replacing WalMart. They are doing just fine. And Amazon sucks.
BayArea
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2017 Jan 5, 12:43pm
Actually, this one may be the internets fault.
I don't see the internet replacing WalMart. They are doing just fine. And Amazon sucks.
Walmart might be the exception to the rule since their shoppers don't have Internet.
Mall stores like Aeropostale, which filed for bankruptcy in May, American Eagle, Chicos, Finish Line, Men's Wearhouse, and The Children's Place
All fucking shit stores...I'm not losing sleep over all that made in China garbage
CVS also said this month that it's planning to shut down 70 locations
We need a cvs on every nook and cranny that is unoccupied.
Overbuilt and extraneous, in seriousness
leases come up, you're going to see a gradual rotation into smaller-footprint stores," Hottovy said.
That or more mixed use development
If stores don't sell food products that can be purchased with SNAP/EBT cards by the growing and now massive free shit army (nearly 50 million strong) on the taxpayer dime, those stores are at A MAJOR DISADVANTAGE.
fdhfoiehfeoi
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2017 Jan 5, 2:51pm
I blame the minimalists. They just won't get with the program of buying shit they don't need.
I hate malls. I start getting an anxiety attack after 5 minutes being in one. I say we eliminate all malls. First we unleash the blm to ransack them. Then, while the blm is still stripping the stores, send in lone wolf terrorists to suicide bomb the malls to dust. Then we have all the rich global warming alarmists fly over the remains in their private jets, jettesoning rancid clams. Then an army of trigglypuffs to hoover up the remains, which will trigger rancid clam regurgitation and bowel evacuations that will make the site uninhabitable. Forever a warning for anyone who dares to dream of building a mall again.
Strategist
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2017 Jan 5, 3:40pm
Well, on a positive note, that empty mall can be used for Drone Racing now.
Or turn them into prisons. Crime is rising.
zzyzzx
@
2017 Jan 5, 5:55pm
I'm pretty sure that Sears and Kmart would still be going under if the internet didn't exist.
zzyzzx
@
2017 Jan 18, 10:14am
http://www.legacy.com/obituaries/newsday/obituary.aspx?pid=183633215
Pittsburgh Mills Mall Sold For $100 At Foreclosure Auction
TARENTUM, Pa. (KDKA/AP) – One of the biggest indoor malls in Pennsylvania hit the auction block this morning.
The 1.1 million-square-foot Galleria at Pittsburgh Mills sold for $100 this morning.
It was developed by Johnstown-based Zamias Services Inc. and Mills Corp. a Virginia firm that has since gone bankrupt. Wells Fargo Bank foreclosed last year on the mall which opened in 2005. The mall was once worth $190 million but recently appraised at just $11 million.
Pittsburgh Mills Limited Partnership, which owns the mall and is owned by Zamias, owes Wells Fargo about $143 million including deferred payments and interest on a $133 million loan taken out in 2006.
It’s possible the bank will buy the mall and try to revive the property.
Tenpoundbass
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2017 Jan 18, 10:21am
The mall was once worth $190 million but recently appraised at just $11 million.
BUt it probably has about 20 million in back taxes and leans. So no investor would touch it.
It’s possible the bank will buy the mall and try to revive the property.
most likely that $100 buyer was a bank Straw Company.
RWSGFY
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2017 Jan 18, 10:23am
I don't see the internet replacing WalMart. They are doing just fine. And Amazon sucks.
WalMart is selling stuff on the interwebz too. With free delivery and all that jazz.
justme
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2017 Jan 18, 10:30am
Big picture: Close-in malls will get torn down and replaced by apartments and condos and sometimes townhouses. Remote malls (typically billed as "outlet malls") may suffer some of the same fate, or may become distribution centers for Walmart.
Damn complex thought!
No Jobs,Low paying,short hour Jobs-NO Consumers.
RWSGFY
@
2017 Jan 18, 10:35am
Not so fast. Freshly-built "outlet mall" in the neighboring city is fucking parked out on weekends. Cars overflow to the fucking fields surrounding it and people walking half mile to the entrance. It's bizarre: who the fuck loves shopping THAT much...
zzyzzx
@
2017 Jan 18, 10:35am
WalMart is selling stuff on the interwebz too. With free delivery and all that jazz.
I buy stuff off of WalMarts website. Mostly it's because they don't stock the store near me properly.
zzyzzx
@
2017 Jan 18, 10:36am
Not so fast. Freshly-built "outlet mall" in the neighboring city is fucking parked out on weekends. Cars overflow to the fucking fields surrounding it and people walking half mile to the entrance. It's bizarre: who the fuck loves shopping THAT much...
Do you live near Arundel Mills? You just described it (except it's maybe 15 years old-ish).
zzyzzx
@
2017 Jan 18, 10:45am
Big picture: Close-in malls will get torn down and replaced by apartments and condos and sometimes townhouses. Remote malls (typically billed as "outlet malls") may suffer some of the same fate, or may become distribution centers for Walmart.
One place near the Baltimore Beltway they tore down the mall (Golden Ring Mall) and put up a big strip mall in it's place.
http://www.deadmalls.com/malls/golden_ring_mall.html
The mall sat vacant and decaying for a couple of years. In 2002 Petrie Ventures inc. bought the mall from Simon Properties minus the vacant Montgomery Wards who owns their building. Petrie Ventures razed the mall and built a big box center dubbed "The Centre at Golden Ring" in its place which opened in 2003. The new center has a Wal-Mart, Home Depot, and a third whose name escapes me.
RWSGFY
@
2017 Jan 18, 10:47am
Not so fast. Freshly-built "outlet mall" in the neighboring city is fucking parked out on weekends. Cars overflow to the fucking fields surrounding it and people walking half mile to the entrance. It's bizarre: who the fuck loves shopping THAT much...
Do you live near Arundel Mills? You just described it (except it's maybe 15 years old-ish).
Nope. Opposite side of the country.
I buy stuff off of WalMarts website. Mostly it's because they don't stock the store near me properly.
that is norm for walmart nowadays. Sure sam walton would be turning over in grave
Comments 1 - 26 of 54 Next » Last » Search these comments
Sears, Macy's, JCPenney, Best Buy, Sport's Authority, Lord&Taylor, 5 Below, Chicos, Finish Line, Men's Wearhouse, and The Children's Place AND many other retailers (CVS, Rite-Aid) are also in the midst of multi-year plans to close stores. -
Hundreds (Maybe a thousand?) of Malls will perish and over a million jobs lost as thousands of retailers will close thousands of stores in coming year.
http://www.businessinsider.com/stores-closing-macys-kohls-walmart-sears-2016-12
"Nearly every major department store, including Macy's, Kohl's, Walmart, and Sears, have collectively closed hundreds of stores over the last couple years to try and stem losses from unprofitable stores and the rise of ecommerce.Â
But the closures are far from over.
Macy's has already said that it's planning to close 100 stores, or about 15% of its fleet, in 2017. Sears is shuttering at least 30 Sears and Kmart stores by April, and additional closures are expected to be announced soon. CVS also said this month that it's planning to shut down 70 locations.
Mall stores like Aeropostale, which filed for bankruptcy in May, American Eagle, Chicos, Finish Line, Men's Wearhouse, and The Children's Place are also in the midst of multi-year plans to close stores.Â
Many more announcements like these are expected in the coming months.
The start of the year is a popular time to announce store closures. Nearly half of annual store closings announced since 2010 have occurred in the first quarter, CNBC reports.
In addition to closing stores, retailers are also looking to shrink their existing locations.Â
"As leases come up, you're going to see a gradual rotation into smaller-footprint stores," Hottovy said.
Despite recent closures, the US is still oversaturated with stores.
The US has 23.5 square feet of retail space per person, compared with 16.4 square feet in Canada and 11.1 square feet in Australia - the next two countries with the highest retail space per capita, according to a Morningstar report from October.
"Across retail overall the US has too much space and too many shops," said Neil Saunders, CEO of the retail consulting firm Conlumino. "As shopping patterns have changed, some of those shops are also in the wrong place and are of the wrong size or configuration."
As stores continue to close, many shopping malls will be forced to shut down as well.
When an anchor store like Sears or Macy's closes, it often triggers a "downward spiral in performance" for shopping malls, Morningstar analysts wrote in the report from October.
The malls don't only lose the income and shopper traffic from that store's business. The closure often triggers "co-tenancy clauses" that allow the remaining mall tenants to exercise their right to terminate their leases or renegotiate the terms, typically with a period of lower rents, until another retailer moves into the vacant anchor space.Â
To reduce losses, malls must quickly find a replacement tenant for the massive retail space that the anchor store occupied, which is nearly impossible  - especially in malls that are already financially strapped - when every major department store is reducing its retail footprint.
That can have "grave" consequences for shopping malls, especially in markets where it's harder to transform vacant mall space into non-retail space like apartments, according to the analysts.
The Morningstar report supports another recent analysis from Credit Suisse that said about 200 shopping malls are at risk of shutting down if Sears continues to close stores. "
#TooMuchRetail
#TooMuchUselessShit
#OverSaturation