Malls Reinvent to Ward Off Vacancies

With many malls fighting for survival and mall vacancy rates approaching 10 percent, property owners are trying to woo shoppers with lures such as a roller coaster riding contest, a film festival, fashion shows, cupcakes and even an exhibition of Oscar statuettes. Meanwhile, the recession has crashed the downtown Los Angeles party, short-circuiting a major push for retail. But there are bright spots, too, for retailers. As the truism goes, when the economy tanks, lipstick sales soar. The phenomenon, known as the Lipstick Effect, dates back to the Great Depression and has provided bright spots in otherwise dull retail landscapes. WWD asked various retailers and designers for their Lipstick Effect items.
Forever 21's Tokyo Fashion Frenzy

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