REAL ESTATE

Nordstrom to close Santa Ana mall store

BY Al Urbanski

After nearly 30 years of doing business in the MainPlace Mall in Santa Ana, California, Nordstrom has announced it will be shuttering the location.

"We've enjoyed taking care of customers at MainPlace for 29 years, but believe our other nearby locations will better serve them longer term,” said President Jamie Nordstrom. “We're looking forward to opening new stores at Century City and La Jolla this year, and we're excited to unveil the most extensive remodel we have ever done at our South Coast Plaza store.”

The retailer has six other main-format stores in Orange County and 18 locations total in the general area when taking Nordstrom Rack into account.

Dallas-based Centennial Real Estate purchased MainPlace Mall from Westfield in 2015 in a five-mall, $1.1 billion deal.


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Michigan Mall struggles to fill Macy’s hole

BY CSA STAFF

The new owner of the 550,000-sq.-ft. Lakeview Square Mall in Battle Creek, Michigan, finds itself in a common quandary among property owners today — launching an all-points search for retailers to fill the hole left by a closing Macy’s.

GK Development spokesperson Marianne Fasano told Mlive.com that the company is investigating “multiple scenarios” to fill the 102,000-sq.-ft. Macy’s space and reinvigorate the mall. “That includes an aggressive leasing effort to attract other national brand retailers to the shopping center," she said.

Commercial real estate broker Jodi Milks told the local news site that losing Macy's will be a big challenge for Lakeview Square Mall, which she said has struggled in recent years.

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J.C. Penney committed to brick-and-mortar but will still close some stores

BY CSA STAFF

Look for J.C. Penney to close some stores as it moves forward.

In remarks at the The Weitzman Group’s annual forecast event, Penney CEO Marvin Ellison said the company’s 1,014-store portfolio is too large and that the retailer is analyzing which locations don’t meet its “brand standard,” the Dallas Business Journal reported.

Ellison emphasized that physical stores are vital to Penney’s revenue. And he noted the crucial role they play in helping to reduce fulfillment costs for online purchases.

“There is not a pure player e-commerce retailer of any scale that’s making money, and that includes the dominant companies like Amazon,” said Ellison, according to the report. “Fulfillment costs are growing at a higher rate than revenue.”

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