Simon Property Group and the Westfield Group have separately announced plans to cut back hours at malls they operate in response to lighter foot traffic and the need to reduce costs, according to Retail Traffic.
Last month, Simon announced it would close malls in New England between 30-minutes and a an hour earlier Monday through Saturday. At the time, Laurel Sibert, vice president of mall marketing for Simon in the region, said, "Our ongoing review processes have determined that mall hours in New England could and should be modified to maximize efficiencies for the shopping centers and our retailers, who - like Simon - are focused on energy conservation."
Beginning March 1, Westfield will cut hours of operation at 48 of its 55 malls by five hours a week. The company is looking to open malls 30-minutes later and close them 30-minutes earlier during the week. It plans to leave weekend hours as-is.
"We're trying to help our tenants find ways to conserve and respond to changed traffic patterns," Catherine Dickey, a Westfield spokesperson, told the St. Petersburg Times.
Discussion Questions: Is it a smart move for mall operators to cut hours of operation or will this wind up hurting retail tenants? Have you seen merchants in standalone locations also cutting back hours of operation?