Outlet centers reportedly are enjoying high levels of occupancy and income growth as bargain shoppers have turned away from online shopping and returned to brick-and-mortar in search of low-cost treasures.
“The strong performance is partly due to the lack of department stores such as Macy’s, Sears or J.C. Penney in outlet centers, which cater to individual brands such as Coach Inc.,” The Wall Street Journal reported.
“That shields landlords from some of the headwinds buffeting department-store chains as they carry out plans to close hundreds of stores in malls. J.C. Penney on Friday announced a list of 138 store locations it plans to close, most of them in June,” the WSJ reported.
“Outlets have performed well because of their discount nature,” Hessam Nadji, president and chief executive officer of real-estate brokerage Marcus & Millichap Inc., told the Wall Street Journal. “It does have a flair to it that works well