PYMNTS Daily Data Dive: Closing Malls

Bloomberg reported that its index tracking regional mall firms slipped 2.8 percent during the first week of January, the biggest drop in two months. CBL & Associate shares slid 4 percent, and the biggest mall owner in the country, Simon Property, fell a bit more than 3 percent.

Macy’s also announced it would cut 6,200 jobs, and Kohl’s cut its earnings forecast, citing worse-than-expected holiday sales. Of the 68 Macy’s stores expected to close, 16 are in malls that are owned by real estate investment trusts (REITs). Some 45 percent of REIT-owned malls count both Macy’s and Sears chains as tenants.

Here are the numbers:

≤ 150 | Number of stores Sears Holding Corp. could close over the next few months

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-2.8 percent | Regional mall firm index slippage

-4 percent | CBL & Associates share drop

-3 percent | Simon Property share drop

6,200 | Number of jobs Macy’s will cut

68 | Number of stores Macy’s is expected to close

16 | Number of closing Macy’s stores owned by REITs

45 percent | Number of REIT-owned malls with Macy’s and Sears as tenants