The rebound taking shape in parts of the retail industry eluded the owner of the Saks Fifth Avenue and Lord & Taylor department stores, which failed over the holiday season to reverse a decline in same-store sales.
Brookfield Property's deal to take over shopping center landlord GGP Inc. isn't winning over Wall Street analysts, nor is it scoring points with investors in retail real estate stocks, including Indianapolis-based Simon Property Group.
The collapse of Toys “R” Us Inc. is yet another blow for landlords—including Indianapolis-based Simon Property Group—who now will have gaping holes of suburban retail space up for grabs. And few tenants would want them.
The very first enclosed shopping center developed by mall giant Melvin Simon & Associates is shutting down at the end of the month. The looming closure of anchor tenant Carson's was the last straw for the struggling property.