Evolution of malls being held back by antiquated department store agreements

Reciprocal easement agreements (REAs) were common in the day when mall landlords needed to attract major department store anchors. The REAs, still in effect in many cases, give the retailers a good deal of control over how the mall is managed and designed. Times have changed and mall owners now want to renovate their properties to be more relevant in shoppers' lives, but many chains, such as Macy's, JCPenney and Sears, are leveraging their REA privileges and inhibiting malls' progress, according to a Bloomberg report.