It’s out with apparel, in with restaurants at Simon Property Group’s malls.
Comps were down 9.4 percent at Kmart and down 13.2 percent at Sears doors.
150 Kmart and Sears stores are slated to close in Q3, on top of the 180 closed earlier this year and the 28 Kmart stores set to close later this year.
The company remains “laser focused” on improving the profitability of its Americas retail business.
Retail survivors will be those that tilt toward either distribution or showrooming.
Friday’s speakers urged Mayor Bill de Blasio’s administration to not remove any of the zoning protection until a significant core amount of space is secured for manufacturing in Manhattan.
Snow Park Capital believes Dillard’s real estate is worth more than $200 a share — compared with the $73.82 closing price of Dillard’s stock.
While the Garment Center Market Rate was reported to be $51 per square foot, the GCSA Survey pegged the average rent for manufacturers at $30.95 per square foot.
Sears is closing eight more Sears and 35 more Kmart stores, its fourth round of closure this year and a total so far of nearly 310.
Since 2012, Sears has closed about half of its Sears domestic and Kmart stores, and store closures are expected to continue for the two nameplates.