Ford moves 1,800 employees into ex-Lord & Taylor store

[Jqa1824]

My problem with malls, is that unless you're interested in clothes, jewelry, or sunglasses...there are essentially no stores in my mall to even bother with. When I was a kid the mall had toy stores, book stores, electronics stores, etc. Now all of them are gone. There's no incentive for me to go to the mall just to "look around" because 90% of the mall are clothes, jewelry, or sunglasses.

[630land]

Teens and 20-somethings don't "hang out at the Mall" as the 80's.

[fuzzymoomoo]

On another note, am I the only one who thinks the Lord &Taylor logo looks like it says Food & Toys?

[silvrsvt]

My problem with malls, is that unless you're interested in clothes, jewelry, or sunglasses...there are essentially no stores in my mall to even bother with. When I was a kid the mall had toy stores, book stores, electronics stores, etc. Now all of them are gone. There's no incentive for me to go to the mall just to "look around" because 90% of the mall are clothes, jewelry, or sunglasses.

No one else can afford the rent costs. Clothing has to be marked up 200-500% considering they can blow it out at the end of the season for penny's on the dollar and still stay in business.

[ANTAUS]

I worked in retail management years ago, for Federated Dept Stores, which owns the majority of the chains, Macy's being one of them (in Florida it was previously Burdines). Malls do well in S.FL mainly because of the rooftops, and the bad weather. I moved up to Orlando and what they consider a "great mall" (Millenia), I consider a "B-" in Miami standards. The Big Box Dept Stores pay the lowest per square feet in rent (considered the draw to the mall), while the smaller stores pay the highest sometimes 4-5 times as much. Take away the big box, suddenly the smaller stores have a hard time attracting customers.

 

Outside (point of service) time shopping "villages" are the new trend. People can park close to, and just go to the specific store they want, without having to walk around all the annoying slow people, strollers, perfume sprayers, kiosks selling crap your not wanting. Problem with them is when it rains, there went your business. I worked for Limited Co.(Structures) where we had those types and rainy days ment no business at all. The benefit of "POS Villages/marketplaces" etc. is the lease is cheaper because there's no "mall space" to keep up. No fountains, no A/C.

 

And yes Internet has really helped to make shopping convinient for consumers. Only time I ever go is when I NEED to feel the fabric on a shirt, or a pair of pants that I have to make sure fit well. Otherwise, I find it annoying to go to them.

 

Here's a tidbit, 93% of the floorspace in a Sears does NOT make money. Only Craftman, Kenmore, Automotive Services is what actually pays the bills.

 

Malls, like everything else in life must continue to evolve to be able to survive. You will see many of them integrate movie theaters, or hotels, convention space, Etc. Just to stay relevant. And many of them because of zoning classifications might not even allow for that.

[silvrsvt]

Malls, like everything else in life must continue to evolve to be able to survive. You will see many of them integrate movie theaters, or hotels, convention space, Etc. Just to stay relevant. And many of them because of zoning classifications might not even allow for that.

 

The mall next to where I work at (I have 2-3 malls, plus 2 outlet centers, plus countless strip malls all with in 30 minutes of where I live) and they where trying to redo the mall to add things like hotel space,etc to the area and it was voted down by the local population, even though the area is shrinking in population from the major employer leaving the area about 7 years ago (Ft Monmouth).

[SoonerLS]

Here's a tidbit, 93% of the floorspace in a Sears does NOT make money. Only Craftman, Kenmore, Automotive Services is what actually pays the bills.

For quite some time, it was Discover Card keeping Sears afloat.

 

Last August, a couple of my nieces (aged 9 and 11) stayed with my parents so they could go to a church music day camp where my mom was volunteering. Every day I'd pick them up at 3pm, and we'd go wherever they wanted.

 

I'd not been to the mall that many times in the previous five years, and I hadn't actually been into the mall itself in a long time. The only times I'd go to the mall at all was to go to Sears for tools or to Dillards for clothes (the only local place with an actual Big & Tall selection), and they both have exterior entrances. (I'm not sure why they wanted to go; they're not exactly mallrats at home.)

[jasonj80]

I worked in retail management years ago, for Federated Dept Stores, which owns the majority of the chains, Macy's being one of them (in Florida it was previously Burdines). Malls do well in S.FL mainly because of the rooftops, and the bad weather. I moved up to Orlando and what they consider a "great mall" (Millenia), I consider a "B-" in Miami standards. The Big Box Dept Stores pay the lowest per square feet in rent (considered the draw to the mall), while the smaller stores pay the highest sometimes 4-5 times as much. Take away the big box, suddenly the smaller stores have a hard time attracting customers.

 

Outside (point of service) time shopping "villages" are the new trend. People can park close to, and just go to the specific store they want, without having to walk around all the annoying slow people, strollers, perfume sprayers, kiosks selling crap your not wanting. Problem with them is when it rains, there went your business. I worked for Limited Co.(Structures) where we had those types and rainy days ment no business at all. The benefit of "POS Villages/marketplaces" etc. is the lease is cheaper because there's no "mall space" to keep up. No fountains, no A/C.

 

And yes Internet has really helped to make shopping convinient for consumers. Only time I ever go is when I NEED to feel the fabric on a shirt, or a pair of pants that I have to make sure fit well. Otherwise, I find it annoying to go to them.

 

Here's a tidbit, 93% of the floorspace in a Sears does NOT make money. Only Craftman, Kenmore, Automotive Services is what actually pays the bills.

 

Malls, like everything else in life must continue to evolve to be able to survive. You will see many of them integrate movie theaters, or hotels, convention space, Etc. Just to stay relevant. And many of them because of zoning classifications might not even allow for that.

 

That all used be true but now has changed dramatically, most malls don't even want the department stores in them. A supermarket or gym is much more of a draw than a department store. They can divide up the space that the department store has and lease it out at a much higher rate as well as attract more customers.Department stores usually own the property they are on so it is hard to evict them. Usually the mall has first right of refusal if the property becomes available so they can purchase it and then develop it in a way that makes more financial sense to the mall. In the case of Lord and Taylor at Fairlane, Kohl's wanted to by it years ago but Sears and JC Penny's had clauses that would have prevented them from selling about 50% of their merchandise in that store. The deal never closed and it sat vacant.

 

Also of late 100% of a Sears store doesn't make money on paper. Just pays rent to Eddie Lambert's real estate trust as he puts the final nail in them and walks out with billions form pillaging Kmart and Sears. He sold a lot of the property that the Sears / Kmart sit on to this trust then the Sears /Kmart stores pay rent to him. When sears corp goes bankrupt the trust still owns the property. Ongoing he loans money back to Sears to make sure his paper debt is higher than the assets so when they go bankrupt he gets the losses from the tenant lease and property that the trust can carry forward.

[Anthony]

 

The mall next to where I work at (I have 2-3 malls, plus 2 outlet centers, plus countless strip malls all with in 30 minutes of where I live) and they where trying to redo the mall to add things like hotel space,etc to the area and it was voted down by the local population, even though the area is shrinking in population from the major employer leaving the area about 7 years ago (Ft Monmouth).

 

 

My closest cousins live up in Middletown. Many great summers spent boating and fishing out there. I'm still amazed by that 3 mile pier in Sandy Hook Bay.

[rmc523]

For quite some time, it was Discover Card keeping Sears afloat.

 

Last August, a couple of my nieces (aged 9 and 11) stayed with my parents so they could go to a church music day camp where my mom was volunteering. Every day I'd pick them up at 3pm, and we'd go wherever they wanted.

 

I'd not been to the mall that many times in the previous five years, and I hadn't actually been into the mall itself in a long time. The only times I'd go to the mall at all was to go to Sears for tools or to Dillards for clothes (the only local place with an actual Big & Tall selection), and they both have exterior entrances. (I'm not sure why they wanted to go; they're not exactly mallrats at home.)

 

I'm surprised Sears is still around.

[akirby]

 

 

My closest cousins live up in Middletown. Many great summers spent boating and fishing out there. I'm still amazed by that 3 mile pier in Sandy Hook Bay.

 

I've spent many work trips in Middletown over the last 30 years. What's your beef? in Rumson is one of my favorite steakhouses.

[630land]

In Chicago suburbs, it seems everyone just goes to Woodfield, the area's largest mall, near two Interstates, even if it's not close by. Malls that are not near highways, or farther from population centers, are fading fast.

 

But also, many just want to get something specific and be "in and out" of one store.

[RichardJensen]

Also of late 100% of a Sears store doesn't make money on paper. Just pays rent to Eddie Lambert's real estate trust as he puts the final nail in them and walks out with billions form pillaging Kmart and Sears. He sold a lot of the property that the Sears / Kmart sit on to this trust then the Sears /Kmart stores pay rent to him. When sears corp goes bankrupt the trust still owns the property. Ongoing he loans money back to Sears to make sure his paper debt is higher than the assets so when they go bankrupt he gets the losses from the tenant lease and property that the trust can carry forward.

 

Lambert has done an amazing job carrying out this theft in broad daylight. He may as well have taken out an ad in the WSJ when he took over Sears saying, in effect, "I am going to transfer everything of value in this corporation to myself, and I am going to do absolutely nothing to keep this business viable."

[sullynd]

In Chicago suburbs, it seems everyone just goes to Woodfield, the area's largest mall, near two Interstates, even if it's not close by. Malls that are not near highways, or farther from population centers, are fading fast.

Never been to Woodfield. There are more suburbs than Schaumburg.

[blazerdude20]

 

Lambert has done an amazing job carrying out this theft in broad daylight. He may as well have taken out an ad in the WSJ when he took over Sears saying, in effect, "I am going to transfer everything of value in this corporation to myself, and I am going to do absolutely nothing to keep this business viable."

I fully expect, in the end, for him to have a nice visit in a jail cell.

[atomcat68]

 

Lambert has done an amazing job carrying out this theft in broad daylight. He may as well have taken out an ad in the WSJ when he took over Sears saying, in effect, "I am going to transfer everything of value in this corporation to myself, and I am going to do absolutely nothing to keep this business viable."

 

I honestly don't know how he is not under investigation. Unlike Bernie Madoff, this guy is not hiding anything. No one will do anything until after Sears holdings is destroyed and then we'll see in the news, "why didn't anyone see the signs" or other such crap.

[RichardJensen]

It's not a publicly traded company anymore, is it?

[630land]

Detroit News showed pictures of the repurposed mall for Ford.

 

More malls will be re done into non shopping use as the 80's era of "Mall Rats" fades away. Young kids today buy online and don't expect new clothes every week.

[fuzzymoomoo]

Young kids today buy online and don't expect new clothes every week.

A lot of us don't have the money for that. I'm lucky to have a job that allows me to be able to buy a house worth more than 100k and still be able to support a growing family and our zoo's worth of pets.

[jasonj80]

It's not a publicly traded company anymore, is it?

Yep still is, SHLD is the symbol. Its like 9.00 a share, was at 160.00 10 years ago.

[RichardJensen]

Yep still is, SHLD is the symbol. Its like 9.00 a share, was at 160.00 10 years ago.

 

Incredible. I thought all this time that a hedge fund owned the company, given that he was basically robbing it blind and there wasn't a whiff of SEC investigation.

 

What amazes me is that he's gotten away with it under cover of the overall shift in retail from bricks-and-mortar.

 

Let this be a lesson to you prospective thieves out there:

 

1) don't steal a little bit with a gun. Steal a lot with an office

 

2) Steal from a company that is already distressed, because, hey, if the company goes under, well, it was doomed anyway.

[blazerdude20]

 

Incredible. I thought all this time that a hedge fund owned the company, given that he was basically robbing it blind and there wasn't a whiff of SEC investigation.

 

What amazes me is that he's gotten away with it under cover of the overall shift in retail from bricks-and-mortar.

 

Let this be a lesson to you prospective thieves out there:

 

1) don't steal a little bit with a gun. Steal a lot with an office

 

2) Steal from a company that is already distressed, because, hey, if the company goes under, well, it was doomed anyway.

So be Carl Icahn?

[RichardJensen]

So be Carl Icahn?

 

You're right. I forgot about him. And yeah, that seems to have been his formula for TWA

Edited March 15, 2017 by RichardJensen

[theoldwizard]

Detroit News showed pictures of the repurposed mall for Ford.

This is also supposed to be a prototype of the new office space after R&E is rebuilt.

 

Second hand info, most employees do NOT like it. With the low partition walls, it is very noisy (white collar workers do a LOT of teleconferences, especially with people overseas). Lower and middle level management don't like it because they do not have a private office where they can hold personal or confidential meetings.