Mall owners are still grappling with how to fill those spaces being vacated by department store chains like Sears and J.C. Penney.
It’s no easy task and remains one of the biggest questions in the retail real estate industry today, Dirk Aulabaugh, managing director with the Green Street Advisors’ advisory and consulting group told CNBC at the annual ICSC RECon event held in Las Vegas this week. The fact of the matter is, filling in the gaps takes time, years even, he said. And there aren’t “cookie cutter” solutions.
Still, mall owners need to be on their toes now more than ever, especially in light of a potential asset sell-off at Sears and an unexpected CEO departure at Penney. CNBC reported earlier this year that 2018 is set to be a record year with respect to the amount of retail square footage going back on the market.
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