Daily Data Dive

PYMNTS Daily Data Dive: Closing Malls

Shares of mall companies fell earlier this month after the announcement by Sears Holding Corp. that it will close as many as 150 stores over the next few months.

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

-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



The PYMNTS Cross-Border Merchant Friction Index analyzes the key friction points experienced by consumers browsing, shopping and paying for purchases on international eCommerce sites. PYMNTS examined the checkout processes of 266 B2B and B2C eCommerce sites across 12 industries and operating from locations across Europe and the United States to provide a comprehensive overview of their checkout offerings.

Click to comment