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NEWPORT BEACH, CA—Sears is continuing to close stores, and it's having an impact on retail centers nationwide. The Orange County Register reported in late July that the Segerstrom family has bought out the owners of the Sears store at South Coast Plaza in Costa Mesa, CA., from Sears Holdings Corp., operators of the Sears and Kmart chains. For now, Sears will still run the store, but as a mall tenant.
To get a retail expert's take on the move and what the Sears saga means for the retail real estate sector, GlobeSt.com spoke with SRS Real Estate Partners' leadership Matt Mousavi and Patrick Luther about how they see this playing out.
According to the SRS executives, Sears Holdings continues to close stores at a rapid pace, with 43 stores set to be closed within the next few months, comprising 30 Kmart locations and eight Sears locations. In total, this brings the store closure count for 2017 to more than 300. “As the impacts of e-commerce and the reality of slower foot traffic sets in with big-box retailers like Sears, we expect to see continued store closures in this space as retailers optimize their store counts and downsize footprints,” say Mousavi and Luther.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
