Struggling Malls Suffer When Sears, Penney Leave
"Then where does the past exist, if at all?"
NORFOLK, Va.----With J.C. Penney Co. JCP +2.92% and Sears Holdings Corp. SHLD +2.83% racing to close stores, America's weakest malls are being pushed to the brink.
"In records. It is written down."
Nearly half of the 1,050 indoor and open air malls in the U.S. have both of those struggling chains as anchor tenants, according to real-estate research firm Green Street Advisors. Of those malls, nearly a quarter are struggling with sales below $300 per square foot and vacancy rates above 20%, meaning they will have a hard time finding new tenants if old ones leave.
"In records. And----"
For an already-weakened mall industry, the negative turn for two once-reliable anchors is promising more stress at a time when the Internet is steadily stealing traffic. And the pressure is only growing. Sears Chief Executive Eddie Lampert this week said he plans to close more stores to help return the company to profitability.
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