The closure of so many mall stores will be a blow to Indianapolis-based shopping center giant Simon Property Group. Gap Inc. has more than 390 stores at Simon’s malls, including its namesake brand, Old Navy and Banana Republic.
Indianapolis Mayor Joe Hogsett’s chief of staff, Thomas Cook, said Thursday morning that Castleton Square Mall, Circle Centre and the Fashion Mall at Keystone won’t likely be allowed to reopen Saturday under Marion County orders.
The 49 Simon Property Group shopping centers that CNBC says are slated to reopen by Monday represent about one-quarter of the company’s U.S. properties.
Pedcor Cos. is promoting an e-commerce web site for its Carmel City Center retail tenants, some of whom had sold little or no merchandise online until COVID-19 came along.
First came the order to close up. Then the laying off of staff. Now small-business owners across the U.S. are bleeding cash and wading through paperwork to get financial assistance.
Concerns about the spread of COVID-19 have put in peril thousands of businesses, from restaurants and hotels to airlines and manufacturers of consumer goods.
The Indianapolis-based company said Wednesday that it made the decision “after extensive discussions with federal, state and local officials and in recognition of the need to address the spread of COVID-19.”
The repurposed building at Washington and Post formerly housed Liberty Bell Flea Market. Also this week: New Bottleworks tenants, Circle Centre food court departures and more.
The format is key to the pharmacy chain’s plan to slash expenses. Also this week: Black Acre Brewing Co., Sauce on the Side, Versona, Tropical Smoothie Cafe.
Indianapolis-based Simon Property Group counts Forever 21 as its sixth-largest mall tenant, excluding department stores, with 99 outlets covering 1.5 million square feet, as of March 3.
The 15-year-old chain, which has stores in Carmel, Noblesville and Greenwood, plans to close all 261 of its locations after filing for Chapter 11 bankruptcy.
The 44-year-old fashion retailer, which declared Chapter 11 bankruptcy last month, said it would begin liquidation sales at all 416 locations nationwide.
Stiffening competition, surging online advertising costs and cheap mall space have prompted web retailers like Warby Parker and Bonobos to open physical stores, including locations in Indianapolis.
City officials say they hope to act quickly with Simon Property Group Inc. to determine the highest and best use for the Carson’s space at Circle Centre after the department store closes this spring.
Retailer True Religion Brand Jeans filed for Chapter 11 bankruptcy protection Wednesday and requested permission from the federal bankruptcy judge to close 27 of its 140 stores.
Retailers and shopping-center owners are gathering in Las Vegas this week prepared to send a message: The American mall is doing better than many people think.
Teen clothing retailer Aeropostale Inc. won court permission Monday to sell its assets to buyers led by Indianapolis-based Simon Property Group Inc. and General Growth Properties Inc.
