U.S. shopping centers, already overwhelmed with traffic declines that have worsened with the COVID-19 pandemic, continue to hear from tenants that won’t renew their leases.
This time it’s Carter’s, which runs its namesake brand and OshKosh B’gosh, along with a slew of others including private labels for several partner retailers. The planned closures “are generally older, lower margin stores in declining centers and less likely to support our focus on high-value omnichannel customers,” Casey said.
The company does plan to open some stores, too. Some locations served a purpose even when they were closed due to the pandemic. The retailer began offering curbside pickup for the first time, and boosted its store-based fulfillment as e-commerce grew in the period. Already 85% of its U.S. stores are in open-air centers, which Casey noted is an advantage against its mall-based competition.Retail Dive