The company says it’s grappling not only with the pandemic’s temporary challenges, but also retail bankruptcies and department store closures.
In the U.S., an increasing number of retailers have decided to leave the traditional mall. Now one mall owner, Unibail-Rodamco-Westfield, is leaving the U.S.
Three years ago, the Paris-based conglomerate took over several U.S. malls when it acquired some operations of Australia-based Westfield. The company, which now runs 28 properties here, last week announced it “will implement a [program] to significantly reduce its financial exposure to US assets in 2021/2022.” URW last year already sold its interest in three U.S. malls, (Meriden, Siesta Key and Sunrise); now executives say they will focus on operating in Europe.
Source: Retail Dive
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 