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Report: Malls Steering Away from Department Store Anchors
Chain Store Age
Friday, June 2, 2006
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Anchor stores are changing in response to rapid consolidation of traditional department stores and the growth of alternative shops, The Washington Times reported. The publication noted that customers will be seeing more Target, Whole Foods Market and Barnes & Noble anchors and fewer Sears, Hecht's and J.C. Penney anchors. "Most mall owners have woken up to the fact that the department store industry isn't the traffic driver in 2006 that it was when many malls opened," said Paco Underhill of retail research firm Envirosell to the publication. "The higher end the shopping mall is, the higher end the department store is, the less the department store is depended on for traffic." These days, foot traffic comes from discounters such as Target, high-end restaurants, grocery stores, and big-box stores such as Best Buy, Crate & Barrel and Bed, Bath and Beyond. “Those tenants are generating higher sales per foot than department stores," said Grant Ehat, principal at JBG Rosenfeld Retail's Chevy Chase office, told The Washington Times. "The department store era is— I hate to say it— over."
Companies referred to in story:
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