The season of annual earnings reports is upon us and as retailers take stock of their performance in 2009, we are starting to see announcements of store closings, especially in the apparel sector. This week alone, Abercrombie & Fitch, American Eagle Outfitters and the French Connection announced plans to either close hundreds of underperforming namesake stores or shut down underperforming concepts. But at least some of the mall owners impacted by store closings are finding innovative uses for their spaces. One Cleveland property, for instance, has been converting empty stores into greenhouses. For more on this and other news about retail and retail real estate, follow the links below:
- Forest City Ratner broke ground last week on the long-awaited Atlantic Yards project in Brooklyn, according to the Brooklyn Daily Eagle.
- An under-tenanted mall in Cleveland started using empty stores for greenhouse spaces, reports Fast Company.
- The Street.com reports that American Eagle Outfitters will close its Martin + Osa chain.
- Abercrombie & Fitch plans to shutter 100 underperforming stores over the next three years, according to the Columbus Dispatch.
- RTT News reports that apparel retailer French Connection plans to dismantle most of its U.S. store portfolio after a disappointing year in 2009. The retailer operates 23 stores in the U.S.
- According to vmsd, H&M will open 240 stores worldwide in 2010.