Retailers and other businesses continue to exit en masse.
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: Nebraska.tv, Google.com, and BestLifeOnline.com.
I write extensively about the state of U.S. shopping malls for NewsBreak. In recent weeks, many of my articles have detailed specific reasons behind longstanding mall closures. As such, my February 2nd article, “Major U.S. Shopping Mall Loses Its Anchor Store as Dillard’s Permanently Closes on March 21,” is particularly relevant to this current piece due to a focus on the most recent high-profile retail exit from an existing mall.
My article excerpted a February 2nd report from Nebraska.tv, “Dillard's Announces Closure at Conestoga Mall,” that warranted said closure is the only company store in the area that appeared to be shuttering.
As excerpted from the article: The Conestoga Mall in Grand Island is losing its anchor store. Signs are up announcing that Dillard's is closing. The store will remain open until March 21. Through the past couple years, the Conestoga Mall has seen other flagship stores close including JC Penney, Sears and Younkers. Nationwide, Dillard's has over 300 stores in 29 states.
In terms of the fate of the mall itself, which has reportedly seen a substantial decline in foot traffic in recent years, no official decision has yet been announced but re-development plans are afoot.
All told, innumerable stores and restaurants have been leaving U.S. malls at a rapid pace, even prior to said malls’ closures. For example, my January 18th article, “80% of U.S. Shopping Malls Estimated By Industry Analysts to Permanently Close Within 10 Years,” shared widespread industry analyst expectations for both mall tenants and the malls themselves.
As excerpted from the article: As a targeted Google search will verify, common industry analyst reasons for the sharp downtown of U.S. malls include the pandemic — though foot traffic had been widely decreasing nationwide for several years prior — and subsequent popularity of online shopping, cultural shifts including further advances in technology and readily available recreation and shopping options, and even political polarization.
Let us explore further.
Shopping Malls, 2023
According to a February 1st article from BestLifeOnline.com, entitled “Clothing Retailers, Including Marshalls, Are Closing Stores, Starting Friday,” several mall tenants are leaving for some of the above reasons.
From the article, which references a recent non-mall-based Marshalls closing: H&M is also set to close at least one of its U.S. stores soon, the Northeast Mississippi Daily Journal recently reported. According to the newspaper, H&M will be permanently shuttering its store in Tupelo, Mississippi. As with the Marshalls closure, this H&M—which is located in The Mall at Barnes Crossing—is closing for good in March.
Underperformance has been a reported issue.
The article goes on to state: Pennsylvania residents just lost an Express, which shuttered its location in Wilkes Barre on Jan. 28, the Scranton Times-Tribune reported. Like the soon-to-be-shuttered H&M store, the Wilkes Barre Express was located in a mall—in this case, the Wyoming Valley Mall—reflecting the current migration retailers are making away from these former shopping hubs.
There are many more examples, of which I have written consistently on NewsBreak, and industry analysts expect a continued trend.
This is a developing story. In the event of pertinent updates to this matter, I will share them here on NewsBreak.
Thank you for reading.
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