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Shopping mall giants Simon Property Group and Taubman Centers saw their stock prices spike Monday as they rescued a merger that was nearly scuttled by the coronavirus pandemic.
Simon shares surged as
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J.C. Penney’s landlords reached a tentative deal to rescue the beleaguered department store chain from bankruptcy proceedings, averting a liquidation that would have threatened roughly 70,000 jobs and represented one of the most significant business collapses following the coronavirus pandemic, a company lawyer said during a brief court hearing Wednesday. Mall owners Simon Property Group …
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An IKEA sister company that runs malls around the world is hoping to open its first American shopping center by next year. Ingka Centres — a division of IKEA parent Ingka Group — says it has added an empty San Francisco complex known as the 6X6 mall to its existing portfolio of 45 malls in …
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Macy’s just put mall owners on notice. Over the next two years the largest department store in the world will build new, smaller stores outside of malls, chief executive Jeff Gennette said on an earnings call. “We continue to believe that the best malls in the country will thrive. However, we also know that Macy’s …
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Amazon could end up dancing on the graves of department stores it has decimated by taking over their former homes in shopping malls, according to a report. The e-commerce colossus has held talks with Simon Property Group — the nation’s largest mall owner — about opening fulfillment centers in the large anchor stores once dominated …
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The nation’s biggest mall owner is backing out of a $3.6 billion deal to buy a major rival as the coronavirus pandemic shakes the retail industry. It is the second major retail deal signed before the virus hit the US to crumble. The sale of Victoria’s Secret to a private equity group fell apart last …
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The US could see 20,000 to 25,000 store closures as coronavirus-spurred joblessness and sheltering in place have decimated brick-and-mortar retail sales, according to stats released Tuesday. Coresight Research’s data also indicate that 55 percent to 60 percent of the unlucky retailers reside in malls. It’s sobering news for physical retailers of all locations, given that …
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The Neiman Marcus store at Hudson Yards is being eyed for office space. Opened barely a year ago at the swanky mega mall it anchored on Manhattan’s West Side, the bankrupt luxury retailer is considering closing the store for good while its landlord shops the three-story, 188,000-square-foot space to office tenants, according to reports. Related …
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The nation’s biggest mall operator is suing its largest tenant for not paying rent during the pandemic in what could be the beginning of a torrent of litigation over rent payments. Simon Property is suing the owner of Banana Republic, Old Navy and The Gap for $66 million in back rent and other charges related …
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Macy’s said on Thursday it could rack up operating losses of up to $1.11 billion in the first quarter, as the department store operator was forced to shut stores due to lockdowns aimed at curbing the spread of the new coronavirus. The health crisis has forced brick-and-mortar retailers to tap credit lines, lay off employees …
Shopping mall giants Simon Property Group and Taubman Centers saw their stock prices spike Monday as they rescued a merger that was nearly scuttled by the coronavirus pandemic. Simon shares surged as
