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