HBC said Tuesday it was selling Lord & Taylor's flagship New York building to gig economy workspace provider WeWork and also leasing other select stores’ space to WeWork. The partnership aims to solve a critical problem that many brick-and-mortar retailers face: attracting younger shoppers into stores.
Like the US, China appears to be "overstored." A third of China’s shopping malls are expected to close within the next five years as a result of their inability to compete with digital channels.
Up to 2,000 stores combined may still need to be closed by retailers including JC Penney, Macy’s, Gap, Abercrombie & Fitch and others, a new study predicted. The report suggested that Macy’s and JC Penney may need to accelerate their store closing targets.