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1337Delta764
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JCPenney to close 140 stores, list to be announced in March

Fri Feb 24, 2017 5:31 pm

I did a previous thread that JCPenney may close up to 300 stores. It looks like that count has been reduced to 140:
http://www.usatoday.com/story/money/201 ... /98344540/

The full list of stores will be announced in March.

Of the Phoenix area stores, I would probably say the one at Christown Spectrum is the most vulnerable. That mall probably would have died without Costco.
Yes, I wear Fairy Tale Pink IZOD shirts. I am a real man.
 
Ken777
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Re: JCPenney to close 140 stores, list to be announced in March

Fri Feb 24, 2017 6:32 pm

Sorry, but not surprised to see it.

Penney brought in a good retailer (ex Target & Apple Store exec) and he pushed for store upgrades and very competitive pricing. The stores started looking pretty good, but sadly the low prices didn't work very well - "bargain hunters" wanted "Sale Prices", even if they were higher. The aggressive retailer was replace with the traditional Penney's exec and he immediately increased prices on everything, and then put them on sale at higher prices.

TUL is seeing a Macy's and Sears store closing so my bet is that we will get the Penneys' store as well. I'm not going to miss it to be honest, but hate to see folks loose their jobs.
 
johns624
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Re: JCPenney to close 140 stores, list to be announced in March

Fri Feb 24, 2017 8:26 pm

Look at the bright side, all their pink Izod shirts will be on clearance...
 
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EA CO AS
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Re: JCPenney to close 140 stores, list to be announced in March

Sat Feb 25, 2017 6:48 am

johns624 wrote:
Look at the bright side, all their pink Izod shirts will be on clearance...


Yep, this definitely earned an oldie but goodie...

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1337Delta764
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Re: JCPenney to close 140 stores, list to be announced in March

Tue Feb 28, 2017 7:23 pm

Actually, I'm really not sure if any of the Phoenix area stores will close. Of our three dying malls (Desert Sky, Metrocenter, and Fiesta), the former two already had their JCPenney stores close, and the latter never had a JCPenney. The other malls with JCPenney stores seem to be doing fine, although Paradise Valley Mall has lost some of its non-anchor stores, even though it has survived the latest round of Sears and Macy's closures. The rest of the JCPenney stores are newer smaller format stores, so I take back my statement about the Christown store.
Yes, I wear Fairy Tale Pink IZOD shirts. I am a real man.
 
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casinterest
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Re: JCPenney to close 140 stores, list to be announced in March

Fri Mar 03, 2017 5:35 am

A lot of big box stores are suffering. It has me wondering. With the rise of Amazon and online browsing, what will happen to all of these big stores?
The footprint is huge for these stores and malls. What will become of the space?
1. Exercise facilities?
2. Schools?
3. Left to rot for druggies and vagrants?
4. Demolished for parkspace?
5. Rebuilt as High Density Suburben living areas?

There is going to be a lot of commercial real estate available soon.
Older than I just was ,and younger than I will soo be.
 
desertjets
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Re: JCPenney to close 140 stores, list to be announced in March

Fri Mar 03, 2017 4:54 pm

casinterest wrote:
A lot of big box stores are suffering. It has me wondering. With the rise of Amazon and online browsing, what will happen to all of these big stores?
The footprint is huge for these stores and malls. What will become of the space?
1. Exercise facilities?
2. Schools?
3. Left to rot for druggies and vagrants?
4. Demolished for parkspace?
5. Rebuilt as High Density Suburben living areas?

There is going to be a lot of commercial real estate available soon.


In light of the news of the Macy's, Sears and now JCP store closures I saw an article that basically said the US has a massive over supply of retail space. Even when calculated per captia the amount of retail space that exists in the US is massively above all other western countries. So there is a huge question as to what to do with disused retail space. Ideally #4 or #5 would be the answer.

Though I suspect many developers will try and make a go and redevelop it as higher end retail if the area would demand it. That is a huge challenge though for malls whose surrounding area have changed dramatically both economically and demographically. So a place like Fiesta Mall in Mesa would not be candidate for that.

Winrock Center here in ABQ is an interesting example where they have finally made progress after more than a decade of the original mall going dead in redeveloping the property. But I am still wondering why in the hell the City of Albuquerque allowed two malls to be developed within a mile of each other 50 years ago -- probably for all that sweet sweet sales tax and commercial property tax money to fill city cofers, but still a highly short sighted move.
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phluser
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Re: JCPenney to close 140 stores, list to be announced in March

Fri Mar 03, 2017 11:15 pm

desertjets wrote:
casinterest wrote:
A lot of big box stores are suffering. It has me wondering. With the rise of Amazon and online browsing, what will happen to all of these big stores?
The footprint is huge for these stores and malls. What will become of the space?
1. Exercise facilities?
2. Schools?
3. Left to rot for druggies and vagrants?
4. Demolished for parkspace?
5. Rebuilt as High Density Suburben living areas?

There is going to be a lot of commercial real estate available soon.


In light of the news of the Macy's, Sears and now JCP store closures I saw an article that basically said the US has a massive over supply of retail space. Even when calculated per captia the amount of retail space that exists in the US is massively above all other western countries. So there is a huge question as to what to do with disused retail space. Ideally #4 or #5 would be the answer.


I don't see #4 as a typical replacement. Its such that site owners of commercially zoned land want revenue producing properties and parks and trees don't generate revenue. It maybe rare to see trees, park space and green space return once "they've paved paradise and put up a parking lot". I have seen a hospital demolished and replaced with grass, but it might have been because for whatever reason, an abandoned hospital can't be left as such. It seems more than often, abandoned retail space is just left as is though, or lower quality chains fill, or in best case, it will be redeveloped for new retail, office or residential.

#1 is very common with Planet Fitness as it has taken over several former grocery store spaces. A former mall department store is too big for Planet Fitness.

Interestingly enough, the former Suburban Square macy's in the Philadelphia region will be a Lifetime Fitness, a very large and expensive gym.
http://www.philly.com/philly/business/r ... -mall.html
 
usflyer msp
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Re: JCPenney to close 140 stores, list to be announced in March

Sat Mar 04, 2017 7:50 pm

phluser wrote:
desertjets wrote:
casinterest wrote:
A lot of big box stores are suffering. It has me wondering. With the rise of Amazon and online browsing, what will happen to all of these big stores?
The footprint is huge for these stores and malls. What will become of the space?
1. Exercise facilities?
2. Schools?
3. Left to rot for druggies and vagrants?
4. Demolished for parkspace?
5. Rebuilt as High Density Suburben living areas?

There is going to be a lot of commercial real estate available soon.


In light of the news of the Macy's, Sears and now JCP store closures I saw an article that basically said the US has a massive over supply of retail space. Even when calculated per captia the amount of retail space that exists in the US is massively above all other western countries. So there is a huge question as to what to do with disused retail space. Ideally #4 or #5 would be the answer.


I don't see #4 as a typical replacement. Its such that site owners of commercially zoned land want revenue producing properties and parks and trees don't generate revenue. It maybe rare to see trees, park space and green space return once "they've paved paradise and put up a parking lot". I have seen a hospital demolished and replaced with grass, but it might have been because for whatever reason, an abandoned hospital can't be left as such. It seems more than often, abandoned retail space is just left as is though, or lower quality chains fill, or in best case, it will be redeveloped for new retail, office or residential.

#1 is very common with Planet Fitness as it has taken over several former grocery store spaces. A former mall department store is too big for Planet Fitness.

Interestingly enough, the former Suburban Square macy's in the Philadelphia region will be a Lifetime Fitness, a very large and expensive gym.
http://www.philly.com/philly/business/r ... -mall.html


The Mervyn's that closed in my neighborhood around 10 years ago is now an 2-story LA Fitness...
 
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1337Delta764
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Re: JCPenney to close 140 stores, list to be announced in March

Wed Mar 08, 2017 9:29 pm

Morningstar Credit Ratings has identified 39 locations that are at high risk of closing:
http://www.businessinsider.com/jcpenney ... ing-2017-3

None of the Phoenix area locations made the list, however, the location at El Con Center in Tucson made the list. Still, this is only a small sample of the 130 to 140 locations that will close.
Yes, I wear Fairy Tale Pink IZOD shirts. I am a real man.
 
blueflyer
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Re: JCPenney to close 140 stores, list to be announced in March

Thu Mar 09, 2017 6:34 am

casinterest wrote:
A lot of big box stores are suffering. It has me wondering. With the rise of Amazon and online browsing, what will happen to all of these big stores?

According to the Wall Street Journal, you left out a key option: grocery stores!
https://www.wsj.com/articles/coming-soo ... 1488882603
Democracy 2016: 3 million California votes < 100,000 Midwest votes.
 
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casinterest
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Re: JCPenney to close 140 stores, list to be announced in March

Thu Mar 09, 2017 3:25 pm

blueflyer wrote:
casinterest wrote:
A lot of big box stores are suffering. It has me wondering. With the rise of Amazon and online browsing, what will happen to all of these big stores?

According to the Wall Street Journal, you left out a key option: grocery stores!
https://www.wsj.com/articles/coming-soo ... 1488882603


Paywall,

However that is definitely an option, however I don't think I would want to go to a mall to shop for groceries.
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Alias1024
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Re: JCPenney to close 140 stores, list to be announced in March

Fri Mar 10, 2017 3:41 am

desertjets wrote:
Winrock Center here in ABQ is an interesting example where they have finally made progress after more than a decade of the original mall going dead in redeveloping the property. But I am still wondering why in the hell the City of Albuquerque allowed two malls to be developed within a mile of each other 50 years ago -- probably for all that sweet sweet sales tax and commercial property tax money to fill city cofers, but still a highly short sighted move.


Yet where is the newest and fanciest shopping center in Albuquerque? Right between those two malls. Maybe having the two malls near each other isn't such a crazy idea. The Uptown area has turned into the place to shop in Albuquerque. It's where many residents default to when they think of shopping, and as a result it's where the retailers and restaurants all want to be.

Coronado Mall has shown what can be done with some of these large tenant vacancies. Mervyn's space has become a Kohl's. The vacancy on the west side (was it a Foley's?) is now split with Dick's Sporting Goods on one floor and Gordman's on the other. Sears is shrinking their space and smaller stores will be added in its place. I think that's what will happen with many of the big vacancies around the country at still heavily trafficked malls. The spaces will either be split or will on occasion get picked up by a Kohl's or Target type store.
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1337Delta764
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Re: JCPenney to close 140 stores, list to be announced in March

Sat Mar 11, 2017 4:14 pm

CNBC says that 90 stores closing will be freestanding stores in smaller rural markets, while the rest will be mall based:
http://www.cnbc.com/2017/03/10/even-mor ... enney.html
Yes, I wear Fairy Tale Pink IZOD shirts. I am a real man.
 
330west
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Re: JCPenney to close 140 stores, list to be announced in March

Sat Mar 11, 2017 4:17 pm

Here's one positive ... at least the people in flyover country will have one less reason to dress poorly.
 
11725Flyer
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Re: JCPenney to close 140 stores, list to be announced in March

Sat Mar 11, 2017 9:21 pm

Was just there today. Cheap jeans. I usually shop Amazon, but I hate the back and forth of clothing if something doesn't fit.
 
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1337Delta764
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Re: JCPenney to close 140 stores, list to be announced in March

Fri Mar 17, 2017 1:52 pm

And JCPenney has just released the list today. No stores in the Phoenix area will be closing in this round. Only one store in Arizona will be closing, and that is the Riverview Mall location in Bullhead City.
Yes, I wear Fairy Tale Pink IZOD shirts. I am a real man.

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