According to the lawsuit, Victoria's Secret backed out of a lease on its New York store earlier this year. The lease was due to expire in 2029.
Hotels, malls, and offices are all facing down serious problems. These disasters for commercial real estate are trouble for the whole US economy.
Department stores and pop-ups are supplying brands with temporary, affordable spaces to get in front of customers and test in-person sales.
It's been a grim decade for many retailers, and roughly one-quarter of American malls are now expected to close in the next three to five years.
The last 2 Toys ‘R’ Us stores in the US have closed. Tru Kids, the brand’s owner, will continue to invest in online sales, CNBC reported. Toys ‘R’ Us opened new stores in Texas and New Jersey in 2019. Visit Business Insider’s homepage for more stories. The last two Toys […]
Epic Games spent $US95 million on a North Carolina mall to become its new headquarters. Epic, the maker of “Fortnite,” is involved in a major lawsuit with Apple and Google. Epic plans to turn the mall into a multimillion square foot complex. Visit Business Insider’s homepage for more stories. Epic […]
Holiday shoppers in the US spent 3% more than the previous year, led by online spending spikes on furniture and home improvement, says Mastercard. “They shopped from home for the home, leading to record e-commerce growth,” Steve Sadove, senior advisor for Mastercard, said in a statement. Online sales in the […]
The weekend before Christmas is usually a major shopping event. Marketplace Mall in Rochester, NY was eerily empty, and many stores were closed. Thousands of stores have closed this year, and malls were already struggling. Visit Business Insider’s homepage for more stories. The weekend before Christmas, particularly “Super Saturday,” is […]
The pandemic has disrupted a most sacred holiday tradition: visiting Santa Claus to ask for a gift and take a photo. Santas around the country – many of whom are more at risk for COVID-19 due to their age and health – have been forced to get creative, with socially […]
The mall becomes a symbol of nostalgia in Taylor Swift’s 2020 sister albums, Folklore and Evermore. Lines like “we were like the mall before the internet, it was the one place to be” align shopping centres pre-Amazon with bittersweet memories of failed relationships. Swift – intentionally or not – taps […]
Google searches for “anxiety” are at a 16-year peak since the start of the series in 2004, analyst DataTrek said in a note. Searches for “restaurant” and “mall” have fallen by about a quarter in the last couple of weeks and are back near their lowest since the spring, DataTrek […]
Hello and happy Friday! I’m happy to bring you another week of Insider Retail, Business Insider’s weekly round-up of everything that’s happening in restaurants and retail. If you haven’t already subscribed,click here to get me, Shoshy Ciment, and my colleague, Kate Taylor, in your inbox every Friday. By the way, […]
One of the biggest mall owners in the US is laying off 20% of the workforce in its retail division, according to an internal memo obtained by Business Insider. Brookfield Properties owns major shopping centres including Fashion Show in Las Vegas, Brookfield Place in New York, and Ala Moana Centre, […]
Simon Property Group, the largest mall operator in the US, won’t be opening its doors on Thanksgiving this year. It joins a growing group of retailers choosing not to open on the holiday, in a reversal of a major trend of recent years. “In these challenging times, we made the […]
Summary List Placement Macy’s CEO Jeff Gennnette said in an earnings call on Wednesday that the department store chain would test small-format Macy’s and Bloomingdale’s stores outside of malls. “We continue to believe the best malls in the country will thrive,” Gennette said. “However, we also know that Macy’s and […]
Simon Property Group said in its earnings call on Monday that it is still in negotiations with its tenants about paying rent. It has only collected 51% of its rent for April and May, 69% for June, and 73% for July. “I was feeling pretty good in June about finally […]
Hello and happy Friday! We made it through another week. And at least for the retail world, it was pretty jam-packed. Luckily, we’ve got you covered with all the news you need to know here at The Drive Thru, Business Insider’s weekly round-up of restaurant and retail news. Before we […]