Tag: COVID

L.A. COVID rules for indoor malls are unjust, lawsuit alleges

The operator of a sports apparel store in Del Amo Fashion Center in Torrance has filed a lawsuit against Los Angeles County in an effort to ease countywide restrictions on operating businesses in indoor malls during the COVID-19 pandemic.

Also objecting to the limits is the largest owner of indoor malls in the county, Unibail-Rodamco-Westfield, which called the county‘s restrictions that are now stricter than state guidelines an “undue hardship” on the company and its store tenants.

In a proposed class-action lawsuit filed last week in the U.S. District Court for the Central District of California, the owner of Rivas

Read More

Mall of America Value Cut by 16% After Late Payments, Covid Changing Shopping

Shoppers ride an escalator at the Mall of America in Bloomington, Minnesota on June 10.

Photographer: Emilie Richardson/Bloomberg

Mall of America, the biggest in the U.S., had its value cut by 16% in a new appraisal as the pandemic added to the struggles it already was facing from changing shopping habits.

The 5.6 million-square-foot mall outside Minneapolis was reappraised at $1.94 billion, reduced from $2.31 billion, according to a monthly report on the property’s debt filed by trustee Wells Fargo & Co.

Malls suffered from the bankruptcies of apparel and department stores as consumers turned more to

Read More

Puerto Rico Mall of San Juan Lost Saks, Nordstrom. Can It Survive Covid?

The grand opening of the Mall of San Juan was a celebration of Puerto Rico’s rosy future. There was confetti, a bomba band and roving politicians, including the governor and the mayor, glad-handing under the atrium’s blue-tinged skylight.

“There was so much enthusiasm,” says Alberto Baco Bague, the secretary of economic development and commerce, who was in attendance that day in 2015. “It was a moment of such hope and brightness.”

Today the complex, which briefly housed the Caribbean’s only Saks Fifth Avenue and Nordstrom stores, is one of the more costly symbols of dashed dreams in the U.S. territory.

Read More

Is It Safe to Shop? Americans Wary of Stores During Covid Crisis

Many malls, like this one in Tucson, Arizona, have reopened, but shoppers still aren’t showing up. Americans are hesitant to go back to stores, according to a recent survey, in what could be a long-term shift in behavior.

Photographer: Cheney Orr/Bloomberg

As the U.S. reopens, Americans aren’t much interested in going out and spending.

A survey of 2,200 U.S. adults shows how Covid-19 has dramatically changed behavior in the world’s biggest economy, potentially for the long haul. The data flashes warning signs for the recovery, showing waning interest in public events and material things, like appliances and

Read More

Hammerson Weighs Selling Shares, Assets as Covid Hits Malls

Shoppers walk through the atrium of the Centrale shopping mall, operated by Hammerson Plc, in Croydon, south London.

Photographer: Jason Alden/Bloomberg

Hammerson Plc is considering raising capital and selling some of its most prized assets to ride out the coronavirus crisis that’s battering malls and stores.

The developer confirmed on Monday that it’s looking at a possible share sale, without saying how much it could try to raise. Sky News reported on Saturday that Hammerson seeks to raise as much as 600 million pounds ($784 million).

Hammerson also said it’s in advanced talks on the terms of

Read More