Saturday, September 24, 2016

Specialty Stores That Eat Dinosaur Food

I decried Skeecher's retail moves here, and it seems that prestige shopping mall is losing its cachet before it is even full.  Five leaseholders are being sued for pulling out.
Edward Beiner is just the latest WTC tenant Westfield has sued since June, including fashion retailers, Dune London, Bebe and True Religion and coffee shop Fika. Westfield claimed in court papers that the retailers are contractually obligated to take the space before Westfield finds a replacement tenant. Three of the tenants countersued and True Religion settled the matter out of court.
The move to the 365,000-square-foot WTC mall would have been Edward Beiner’s first location outside Florida.
Westfield’s World Trade Center mall, located inside the soaring Santiago Calatrava-designed Oculus, opened on Aug. 16 with just 60 percent of its more than 100 retail shops open for business. Westfield has said the complex is “fully leased” and claims it will be fully occupied by Christmas.
These specialty retailers are all backed by ex nihilo credit, when that is drying up.  What do they know?

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