Malls in trouble despite reopening...

According to CRE research firm Green Street, over half of department stores anchoring U.S. malls will close by the end of 2021:

  • Many stores were already facing troubles - Covid is merely accelerating the inevitable.

  • With anchor stores blowing out, it could trigger "co-tenancy clauses" allowing other tenants to terminate their lease and/or negotiate lower rents.

This comes as Simon Properties announces they will be re-opening 49 malls across the United States in the coming days:

  • Simon will be providing hand-sanitizer and CDC-approved masks to shoppers who ask for them

  • Business hours will be limited to 11am-7pm to allow time for cleaning.

  • Bathroom occupancy and food court seating will be limited to encourage social-distancing

#Malls #Retail #SimonPropertyGroup #Covid19 #GreenStreet

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