Even so, the retailer still plans on increasing its store fleet in the next few years.
The new ceo of Tanger Factory Outlet Centers sees “plenty of bandwidth” to enhance the business.
Mall operator URW expects market conditions to remain challenging through the second quarter.
Adrian Cheng’s company is almost ready to unveil Hong Kong’s largest retail, dining and entertainment complex in the Greater Bay Area.
The French mall operator’s chief executive officer and chief financial officer could leave the company soon, according to a report.
Over the past week, Goldman Sachs and Morgan Stanley have taken minority stakes in the French mall operator.
But the mall owner said the company will ultimately benefit from a leaner portfolio post-pandemic.
Amid the coronavirus, open-air centers and outlets offering steep discounts could fare relatively better than other brick-and-mortar venues.
While there are currently many empty retail locations across the city, lease prices in prime locations aren’t expected to decrease, according to experts.
The plan includes closing Gap and Banana Republic stores, doubling the Athleta business and growing Old Navy from a $8 billion to $10 billion brand.