Allegedly the death of retail is overstated despite a great deal of evidence amid the pandemic, the rise of Amazon and now social media based shopping.
Here's a recent bit of happy talk . . .
“We’re at a really exciting time in the industry and for the company. We’ve seen traffic and sales rebound considerably since the pandemic,” CBL VP Stacey Keating said. “It all points to a really strong holiday season.”
During the third quarter, sales rose 17% compared with the third quarter in 2019, and overall portfolio performance exceeded expectations. As of October, CBL had deferred about $45.8 million in rent, and of the 72% deferred amounts it billed, CBL collected nearly 97%, according to an earnings release.
“Robust sales by retailers are leading to higher levels of percentage rent, one driver of better (net operating income) results,” CBL CEO Stephen Lebovitz said in the release.
GM Karla Rocker Engel said Oak Park Mall has seen a rebound to pre-pandemic levels in traffic and sales. Leasing is “exceedingly strong right now,” and with seasonal holiday retailers, the mall is fully leased, she said.
And all of this gleefully overlooks a spate of shooting impacting the mall sometime around 2018.
Whilst the violent trend ended with the pandemic . . . Despite rosy forecasts, patrons will have to see if the shooting returns along with the customers.
Read more via www.TonysKansasCity.com news link . . .
As CBL bankruptcy ends, Oak Park Mall hits pre-pandemic sales, traffic level - Kansas City Business Journal
Oak Park Mall owner CBL & Associates Properties Inc. emerged from Chapter 11 bankruptcy earlier this month, eliminating about $1.7 billion in debt and preferred obligations. "It puts CBL in a much stronger position financially. ...