- More than 4,300 department stores are set to close this year as the retail apocalypse rips through American retailers.
- Department-store closures usually happen at low-quality properties rather than higher-end ones that are operated by mall giants such as Simon Property Group and Macerich, Kevin Brown, an analyst at Morningstar told Business Insider.
- Even if the situation is bad enough for the retailer to close one of these stores in high-quality locations, these mall operators have some time to absorb the effects, Brown said.
More than 4,300 department stores are set to close this year as the retail apocalypse rips through Payless ShoeSource, Gymboree, JCPenney, Gap, Victoria’s Secret, and Sears. But one Wall Street analyst says mall giants should easily weather these closures.
Gap said Thursday that it would close 230 namesake stores over the next two years as it reported that same-store sales fell 7% during the holiday quarter. The company also said it would