Pop-Up Retailers Have Become The New Normal At Malls
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Mall landlords are increasing partnerships with pop-up tenants in hopes of combating department store closures and the growth of e-commerce competition.
The short-term retailers have been known to boost traffic and increase overall property revenue—which is why megamall developers and owners Westfield Corp and Simon Property Group have allocated more space and brought on more staff to aid the temporary tenants, the Wall Street Journal reports.
Pop-up retailers have become the new norm at malls, a necessary fixture needed to minimize vacancies and stabilize cash flow. This trend continues to grow as big-box retailers are struggling—last week Macy’s announced plans to close 15% of its portfolio, or 100 stores, due to struggling sales and online competitors. Macy’s isn’t the first—JC Penney and Gap have announced closures as well. [WSJ]