The Coronavirus Is Killing My Hometown Mall [Forbes]
JC PENNEY (JCP)
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Source: Forbes
Late last December I wrote an article for Forbes titled,“It's A Sad Day For My Hometown Mall.”Little did I know at the time, that mall in the suburbs of Spartanburg, South Carolina, had hardly seen the worst of it. Today is a very, very sad day for my hometown mall - and much of the retail and other strip centers surrounding it.As I wrote back in December - outlining my previous career as a real estate developer - I remember developing one new shopping center in 1992 just after the owner of my hometown mall filed for bankruptcy. Bramalea had purchased Westgate Mall (the name of my hometown mall) in 1988. But its growth plans fizzled. The Canadian conglomerate was forced to unload the regional mall altogether.Real estate investment trustCBL & Associates(CBL), based in Chattanooga, Tennessee, purchased the mall, as it was building out its own portfolio in the South East. (CBL has 108 properties in 26 states today.) It expanded Westgate and put in two new anchor tenants: Dillard’s and J.
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