Thursday, November 1, 2018

NEWS: Malls

With opening of a new 60,000 s/f store at University Mall in South Burlington, VT, Target now has a store in all 50 states. University Mall is managed and leased by KPP, and KPP negotiated the Target lease as well as a lease with H&M, which also opened its first VT store at UMall this month...Sears Holding Corp. filed for Chapter 11 bankruptcy protection this month, hours before a $134 million debt payment came due. The company will close 142 stores near the end of the year, with liquidation sales to begin soon. (in addition to previously announced closures of 46 unprofitable stores by November 2018.) Sears currently operates a total of about 700 Sears and Kmart stores...Family-owned, Pennsylvania-based department store Boscov’s will occupy the space soon to be vacated by Nordstrom at the Providence Place mall. Boscov’s operates more than 45 department stores, primarily in PA.

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