Mall vacancies have just hit a six-year high. As retailers go bankrupt or close unprofitable stores, malls are emptying out. Esther Fung reports:
Space has been emptied by a steady decline of some of the most-iconic retail names. Bon Ton Stores Inc., Sears Holdings Corp. and J.C. Penney Co. are among big names that have sharply reduced the number of stores in recent years.
The last Toys “R” Us stores closed on Friday after a restructuring attempt failed. In March, when it announced the liquidation of U.S. stores, the company had roughly 800 stores in the country.
Xander Chou, a 40-year old resident of Mountain View, Ca., said he visited Toys “R” Us regularly when he was growing up, but the store fell behind the competition. Lately, “I only went to the store when I need an emergency gift for a baby shower or birthday I forgot to shop for,” he said.
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