More than 6,800 stores will close this year, including hundreds of department stores, whose exit from shopping centers could spur other tenants to leave. While the anchors’ importance has declined in recent years as consumers have shifted to e-commerce, many specialty stores still depend on them to generate foot traffic. Co-tenancy agreements, triggered by in-line stores, can redress leasing developments that negatively impact them. Smaller stores use an anchor’s departure to win concessions from landlords such as rent reductions and terminating a lease with little or no penalty.
There will be additional department stores turning out the lights or drastically reducing their presence. To reach previous levels of profitability, J.C. Penney would need to shutter one-third of its stores, Nordstrom, nearly one-quarter, and Macy’s about 9 percent of its fleet, according to a report by Green Street Partners.
Exclusive: @tommyhilfiger has tapped 22-year-old actress @zendaya to be his newest collaborator and together they will launch a see-now-buy-now collection in February. Speaking to WWD about the project, the Spider-Man actress said: “Fashion is more than just wearing cool clothes. It’s a way to celebrate self-expression and individuality, which is extremely empowering. This is why I am proud to partner with Tommy Hilfiger.” Tap the link in bio for the full scoop. #TommyXZendaya #wwdfashion
Fashion is facing a blistering pace of technology, a complex economic backdrop, and shifting social mores, priorities, and lifestyles. WWD's annual CEO summit on Oct. 30 and 31, will be the meeting place for some of the sharpest minds in the business who will address how these forces affect a consumer. Speakers this year include Antoine Arnault, Virgil Abloh, Gabriela Hearst, and Olivier Rousteing. Tap the link in our bio to find out more. #wwdceosummit