Indianapolis-based Simon Property Group and other mall landlords actually might be looking forward to redeveloping Sears' massive stores with more promising tenants as the once-mighty retailer enters bankruptcy.
A fresh round of sales declines at Macy’s Inc. and Kohl’s Corp., though less severe than Wall Street had feared, is renewing concerns that the department-store industry can’t pull out of a years-long slump.
An online petition drive launched by employees of stores in Simon properties urges the company to rethink a decision to open its malls at 8 p.m. on Thanksgiving. One petition so far has gathered nearly 18,000 signatures.
Simon Property Group has more shopping malls with Sears as a tenant than any other landlord, but any closings are likely have a negligible effect on the Indianapolis-based real estate company's overall earnings, an analyst says.