Brookfield opens brand new mall in Connecticut

Chain Store Age
“This is pretty shocking,” announced the anchor on the local Eyewitness News broadcast in Connecticut recently. “Stores actually opened at a new mall in Norwalk.”

The SoNo Collection, so named because it actually resides in the upscale suburb of South Norwalk, is a brand new “contemporary shopping experience,” from Brookfield Properties that brings Nordstrom and Bloomingdales to Southern Connecticut.. . . more

Wait. Is that ... hope for JCPenney?

CNN Business
JCPenney has a long way to go before it's a turnaround story. But the company had some rare good news Friday: It was able to trim its losses in the third quarter, and it raised its profit forecast, even as its sales continue to fall.

The company reported an operating net loss of $97 million in the quarter. That's 41% smaller than the loss it recorded in the same quarter a year earlier. In 2019, JCPenney has lost $300 million.. . . more

Brookfield Snaps Up JPMorgan’s U.S. Mall Stakes in Multi-Billion Deal

NREI
Brookfield Property Partners LP has boosted its bet on malls, adding exposure to a corner of the real estate market that some of the firm’s investment rivals are avoiding.

Brookfield recently bought JPMorgan Chase & Co.’s holdings in four U.S. shopping centers in which the firms were co-invested, said people familiar with the matter. New York State Teachers’ Retirement System also had a stake in two of the malls, one of the people said. In a simultaneous deal, JPMorgan and NYSTRS bought Brookfield’s stake in a fifth mall, the Bridgewater Commons in New Jersey.. . . more

Papyrus considers store closures as it negotiates with landlords

Retail Dive
Stationary retailer Papyrus is working to win rent concessions from landlords and could close some stores, according to an emailed Debtwire report. The retailer's owner, Schurman Retail Group, did not immediately respond to Retail Dive's request for comment.

The retailer, which last said on its website it had more than 260 stores, has hired A&G Realty as it looks to negotiate with its landlords, according to Debtwire.​. . . more

Food halls drive mall traffic, not clothing sales

RetailWire
Food courts and halls are attracting traffic to malls around the country, according to a new survey by UBS. They are not, however, proving successful in helping retail stores in those same shopping centers sell more clothing.

UBS’s research, CNBC reports, finds that consumers are increasingly going online to buy clothing rather than visiting malls. Today, 25 percent of all apparel is bought online, according to the investment bank, which forecasts that 31 percent of clothing sales will be purchased through digital channels by 2023.. . . more

Forever 21 Plans to Close About 60 Fewer Stores After Rent Cuts

NREI
Forever 21 Inc. will keep open more than 60 U.S. stores previously set to shutter as part of the company’s bankruptcy restructuring after the retailer secured rent concessions from its biggest landlords, according to people with knowledge of the situation.

It’s an early win for the fast-fashion company after it filed for Chapter 11 protection in September as talks with mall operators about a possible rescue broke down. The company had no plan for reorganization when it filed, and said it would close at least 178 U.S. stores and dozens more internationally as it worked toward a turnaround.. . . more

J.C. Penney creates the store of its wishes in Hurst, settles on using it as a lab

The Dallas Morning News
J.C. Penney chief executive officer Jill Soltau has a ways to go to get the Plano-based retailer out of the trouble it’s been in for a long time.

But she has ideas as big as her own closet, which she describes as overflowing with new clothes that she’s been buying at Penney’s.

Soltau ended her first year leading the company by officially unveiling a department store experience that she said came straight from Penney customer research.. . . more