Are shopping malls as they exist today going to make it through the Coronavirus Pandemic?
It is a legitimate question as Lord & Taylor, Jos. A. Bank, and Men’s Warehouse join the long list of retailers that have been crushed by the pandemic, and economic realities of 2020.
Shoppers habits have been evolving for years, but the pandemic certainly increased pressure on these businesses. While many adopted to digital sales, which helped boost bottom-line numbers, the massive overhead associated with sprawling stores – or simply an over-abundance of them made for a ‘perfect storm’.
Lord & Taylor was sold in 2019, and officials say another buyer is being sought. The company operates one location at the Eastview Mall in Victor. It’s unclear if they will close stores as result of the bankruptcy process.
J. Crew, J.C. Penney, Neiman Marcus, Stage Stores, and Ascena Retail Group have all filed bankruptcy this year.