SlaveToTheGrind
Cyburbian
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Report out today that Foot Locker and BBB will be closing up to 800 stores in total and that the backfiling of the FL space will much more difficult than the BBB space. One is located primarily in malls while the other is located primarily as freestanding or a strip mall element. Malls are dying. My wife and I went to a special screening of Casablanca on the big screen a few weeks ago and the mall was dead. Several empty storefronts or not open on the day we went. Owner is trying to bring new life to this particular mall by Target taking over the vacated Dillard's space. Another nearby mall several years ago backfilled the space vacated by Nordstrom (and lured Dillard's from the other mall to backfill Macy's) by bringing in the regional furniture store. This mall is more successful than the soon to be Target-anchored mall, which now houses JCP as an anchor and used to have Sears. Will be interesting to see how Target affects the tenant and customer numbers. Unless malls reinvent themselves by becoming a destination with uses other than traditional retail mall elements, I see the wilting and fading away of this commercial element at least in the suburban environment. Downtown malls may be a difference animal. Wiki (with a link) points out that "in 2022, the United States had an average of 24.5 square feet of retail space per capita (in contrast to 4.5 square feet per capita in Europe)."