X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

INDIANAPOLIS—As the retail market struggles to make its comeback, two trends seem to be growing in terms of store loss and development: big boxes are shrinking and outlets are taking over. Two main Midwest-based store brands, Sears and Best Buy, announced plans in the first quarter to shrink both store count and store size. However, Simon Property Group and Taubman Centers, both Midwest mall developers, have gone on an outlet-building tear, sometimes even competing in the same market.

Hoffman Estates, IL-based Sears is still working to close more than 120 of its 4,000 stores, including some Kmart locations. The company had reported a $2.4-billion loss for the fourth quarter and recently hired Mall Properties Inc. president and CEO David Lukes to take over its real estate development division.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.