Department stores — which were historically the most important real estate in the nation's malls — are a different story.
"The ones that are closing are underperforming or have lost their own way with the customer," said Michael Guerin, EVP of leasing at Macerich."The brand is not working for one reason or another. So it's hardly impactful to us when you have an obsolete situation or a brand close."The shift in strategy has been working. Mall traffic has bounced back to near pre-pandemic occupancy levels, with customers embracing the experience-focused model.
Source: News Formal (newsformal.com)
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