Struggling malls suffer when Sears, Penney leave

Wall Street Journal via Yahoo News ^ | May 12, 2014 | Suzanne Kapner and Robbie Whelan

[John W]

NORFOLK, Va.—With J.C. Penney Co. and Sears Holdings Corp. racing to close stores, America's weakest malls are being pushed to the brink.

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.

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 last week said he plans to close more stores to help return the company to profitability.

[napscoordinator]

Who are the people buying the jerseys?

Sam’s jersey is selling like hotcakes right now. However, that won’t last. Tebow was the same selling like crazy, now you can see them in the dollar rack and free on E-Bay. Tebow and Sam are fads.....quickly rise and quickly fall.

[fredhead]

I'll tell you what has happened to the Gallery at Military Circle, formally known as Military Circle Mall on Norfolk. It's become “Military Ghetto Mall.” With all the cheap transportation from the low income areas of Norfolk, the hoods started hanging out there, driving the paying customers away. There have been shootings in the parking lot. The last time I went there was when Sears was still open. I went straight into Sears, got my tools, and went straight out. Too dangerous for a Caucasian to be there.

Used to be a nice mall, in the 80’s.

[The_Media_never_lie]

In 2008, a mall inside Columbia, SC went up for sale for the asking price of $24 million. Sale price was $4 million. Could not have bought the concrete for that price. Lucky seller.

[Portcall24]

I’ve never heard of McMaster. Just looked at their web page and it’s very cool how it is arranged with the small photos of merchandise.

[napscoordinator]

They may have to pay fans to watch but not the first few games but after that definitely.

[kearnyirish2]

“It started when women started feeling unsafe at the mall. I’ll leave it up to you to speculate why.”

Good point; the carjacking murder at the Short Hills mall here in NJ around Christmas didn’t help (a few gibsmedats in one of their mother’s cars stealing an SUV from white people). This mall is in a very wealthy area, but the gibsmedats figured out a way to get there. Internet shopping has further reduced the already-minimal contact between makers & takers...

[kearnyirish2]

“We’re in Depression II, IMHO. Some folks just haven’t realized it yet.”

At this point everyone but government workers realize it. Dems are still in the game because their media has convinced people that it would be worse under white male Republican leadership. It is the only way the Dems can stay in business - lies.

[Flick Lives]

Don’t they know that they’re not supposed to report this, like homelessness?

Don't worry. When, if ever, the Emmanuel Goldstein Party gets back in power, the MSM will be all over issues like homelessness and chronic unemployment. Every 12 or 16 years or so, the powers that be like to offer up someone from the so-called "opposition" party for President. It provides a fresh focus for hatred. I mean, at this point, most sheeple have only a very dim recollection of George Bush.

[kearnyirish2]

Same here in northern NJ; long-closed Rustbelt factories rotting away, and the only way to prop up dying neighborhoods is to attract foreigners (legal or otherwise) and re-settle urban gibsmedats in low-income housing. The economy now is reduced to the public sector, with few people or businesses left to pay for it (thus the recent downgrading of NJ’s credit that has been in the news lately).

[kearnyirish2]

You’re right; Detroit was ground zero for what America’s urban areas can expect, and further down the road the rest will follow. Any city that isn’t already on Detroit’s path has only been saved by removing one of the key ingredients to urban America’s deterioration; they can keep a viable economy if they aren’t saddled with the costs of maintaining the permanent underclass.

[Flick Lives]

I used to like the malls pre-Internet. During the 1980s, I would hang out there. I'd get a book or a magazine, an Orange Julius or an Au Bon Pain coffee, and just sit in the food court while my wife or girlfriend shopped. I'd watch all those 1980s girls walk buy with their Pat Benatar haircuts and their best Molly Ringwald "pouty" expressions. The guys all tried to look like George Michael - but never figured out why.

I want my 1980's back! I want to go back to the future!

[bert]

The death of cities controlled by corrupt relatives of Nigerian Princes is the salvation of America

So long as the princes of corruption hold power America is doomed

[rarestia]

Amazon has several carriers that deliver well into the early morning hours. I was outside with a sick pup a few mornings ago, and I saw one of the LaserShip trucks in my neighborhood delivering a package. It was 4:30 in the morning.

[mikey_hates_everything]

Large, privately-owned public places with almost no security cannot survive much longer—too many amish and gypsies hanging around. The final nail in a mall’s coffin is placing a subway station next to one.

[PTBAA]

The trouble is, our brainiac Central Planners decided that the US would be a service economy. What happens to our new breed of workers when we don’t need that much service?

[Portcall24]

A few weeks ago my wife was home and a big black Cadillac pulled into our driveway. Out comes a huge man who the wife thought might be there for a mob hit. Then he walks up to the door and very pleasantly hands an Amazon package to her. She still laughs about it.