The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
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Hackensack NJ, in a recent second-quarter earnings call, David Simon, Chairman, CEO, and President of Simon Property Group—the nation’s largest mall owner—shared an optimistic outlook for consumer spending. Simon Property Group owns several notable malls in New Jersey, including The Shops at Riverside in Hackensack, Rockaway Townsquare in Morris County, and Menlo Park Mall in Edison.
Continue reading Mall Executive Predicts Rebound in Consumer Spending
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Hackensack NJ, The Shops at Riverside reopened on June 29. As part of the reopening process, the property published its comprehensive COVID-19 Exposure Control Policy, developed in conjunction with a team of leading experts in the fields of Epidemiology and Environmental Health and Safety (EHS), in order to deliver an elevated set of safety standards at the property.
the staff of the Ridgewood blog
Paramus NJ, Indoor portions of retail shopping malls will be allowed to reopen on June 29th, Governor Phil Murphy announced on Thursday.“Keep your distance, wear a face covering, and follow pedestrian directions,” Murphy urged. “Let’s keep this restart going, and going safely.”
Face masks, in fact, will be required as part of the order. Businesses within the mall will be limited to 50% capacity. Employees will be required to wear masks.
Common areas like food courts and mall movie theaters will remain closed.
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Paramus NJ, Macy’s Inc. plans to close 125 department stores over the next three years, an admission that a fifth of its locations cannot thrive as shoppers buy more online and make fewer trips to malls.
Macy’s will reportedly plans to shut 125 stores over the next three years and slash about 2,000 corporate jobs. Earlier on Tuesday, Macy’s had confirmed with CNBC it was closing its tech offices in San Francisco, consolidating these operations in New York and Atlanta.
The department store chain plans to exit weaker shopping malls, and instead will shift its focus toward opening smaller-format stores in strip centers, according to a report in The Wall Street Journal.
the staff of the Ridgewood blog
Paramus NJ, Macy’s said Wednesday that it will close 28 of its namesake department stores and one Bloomingdales location as part of its annual review process.
The company operates about 680 department stores and 190 specialty stores. Many industry watchers expect department store operators will need to shutter more locations in order to become more profitable.
Macy’s has already been through several rounds of store closures in recent years. In November, Macy’s CEO Jeff Gennette said Macy’s was seeing weaker-than-expected performance at “lower-tier malls.”
Joan Verdon , Staff Writer, @JoanVerdon
The Shops at Riverside in Hackensack is in the midst of a tough challenge. The task? Keep luxury tenants such as Tiffany and Louis Vuitton — and their affluent shoppers — happy while construction crews are ripping open ceilings, removing escalators, and cutting through floors and walls.
The result is the 40-year-old mall has been living a double life. From 10 a.m. to 9 p.m., Monday through Saturday, commerce continues uninterrupted and much of the experience is similar to the pre-renovation Riverside. The floors are polished to a shine, the storefront windows are gleaming, and the mood is quiet and serene.
But after the mall closes at 9 p.m., construction crews take over, unroll plastic tarps, plug in their power tools, and work until the early morning, when the cleaning team arrives to sweep, dust and polish before the shoppers arrive.
https://www.northjersey.com/story/money/2017/06/07/mall-midst-makeover/365646001/
By CHARLES V. BAGLIMAY 31, 2017
A $1.1 billion bond offering to help complete construction of the American Dream mall in the New Jersey Meadowlands went forward this week, nine months after the sale was originally planned.
In the story of the mall’s creation, the delay was a minor speed bump. Thirteen years after it was first announced, the project is on its third developer and is being built in the face of growing doubts about the viability of shopping malls and retail stores across the country. The associated-risks section of the bond offering runs to 38 pages.
But the current developer, Triple Five Group, contends that American Dream’s blend of retail stores and entertainment venues — the sprawling complex is to include a six-acre indoor water park, a Ferris wheel, movie theaters and an indoor amusement park, as well as Saks Fifth Avenue, Hermès, Toys “R” Us and Old Navy — is the future and the “complete opposite of a traditional mall.”
by Makeda Easter
Between 20% and 25% of the nation’s shopping malls will close in the next five years, according to a new report from Credit Suisse that predicts e-commerce will continue to pull shoppers away from bricks-and-mortar retailers.
For many, the Wall Street firm’s finding may come as no surprise. Long-standing retailers are dying off as shoppers’ habits shift online. Credit Suisse expects apparel sales to represent 35% of all e-commerce by 2030, up from 17% today.
https://www.latimes.com/business/la-fi-malls-closing-20170531-story.html
Ashley Lutz
Sep. 3, 2016, 8:17 PM
One in six American malls are expected to disappear in the next decade. That’s scary news for many communities.
Visits to malls declined by 50% between 2010 and 2013, according to real estate research firm Cushman & Wakefield. Analysts expect upcoming data will show an even steeper drop in mall traffic.
Mall closures could have terrifying implications for communities, Howard Davidowitz, chairman of Davidowitz & Associates, a national retail-consulting and investment-banking firm, told Business Insider.
https://www.businessinsider.com/what-will-happen-when-malls-shut-down-in-america-2016-9
By Bruce Brown — June 11, 2016
If you have yet to see a robot patrolling a parking lot or moving along the sidewalk, don’t feel left out. Security, surveillance, hospitality, and delivery robots aren’t a common sight, but it won’t be long before they are. Robots are already on the job providing extra service and security in a growing variety and number of locations, according to the MIT Technology Review.
Silicon Valley startup Knightscope, Inc. has two mobile surveillance and security robots, called the K3 and K5. The company refers to them as Autonomous Data Machines, or ADMs, because as the robots make their rounds, they can either follow prescribed paths or just wander within a determined area. While on the move, the robots continuously collect and transmit more than 90 terabytes of data per year.
Read more: https://www.digitaltrends.com/cool-tech/mit-robots-stores-hotels-parking-lots/#ixzz4BKgTZY2g
