Retailers bypassing malls for open-air shopping centers
July 12, 2021
JLL predicts that U.S. indoor mall vacancy rates will grow to nine percent this year, higher than the 7.8 percent for outdoor shopping centers and seven percent for “power centers.” Many of these non-mall locations are found in suburbs. Conor Flynn, CEO of Kimco Realty, which owns nearly 400 open-air shopping centers based around grocery stores, said his companies are benefitting from a migration to the suburbs.” He said he is “cautiously optimistic that the lion’s share of what we’ve experienced is sticky.”
Recent News
Merger Forces Kroger and Albertsons To Sell More Stores
Kroger and Albertsons are selling more of their stores to address concerns about their merger.
JD Sports Bids for Hibbett in $1.08 Billion Deal
JD Sports Fashion plans to buy Hibbett Inc. for around $1.08 billion. The move aims to help the UK’s largest sportswear retailer grow in the southeastern United States.
Disney Technology Executive Leaves Company for Personal Reasons
Aaron LaBerge will stay on at Disney until June 2024.
Amazon Ends Drone Delivery in California, Here’s Where It’s Going Next
This new location will allow for quicker, same-day delivery.