A Leading Clothing Retailer Now Makes An Unexpected Mall Closure
A leading clothing retailer now makes an unexpected mall closure due to a plunge in foot traffic since the pandemic.
Sportswear brand Lululemon is closing its Pacific Place store in downtown Seattle.
The retailer’s last day of sales will be April 21, reports Seattle Times.
Lululemon did not respond to inquiries about reasons for the closure.
Besides its Pacific Place store, Lululemon has nine stores in Washington including another Seattle location at University Village and an outlet store in Tulalip.
Vancouver, B.C.-based Lululemon is the latest to exit downtown.
The announcement follows 112-year-old jewelry store Fox’s Seattle, located at the Fairmont Olympic Hotel, which will close this month.
The president and owner, Zoey Mann, said she was closing Fox’s because she wanted to spend more time with her family and because people weren’t shopping downtown as much as they used to.
The closure of Lululemon will be a hit to the Pacific Place mall, which has struggled with a retail slowdown since the coronavirus pandemic.
Pacific Place owner Avison Young said in an emailed statement that Lululemon’s decision to leave the mall is “unfortunate.”
“Avison Young’s leasing team is actively seeking tenants that will best serve and appeal to the community and provide long-term stability for Pacific Place and downtown Seattle, and there is keen interest from prospective tenants,” the statement read.
“Avison Young’s leasing team is actively seeking tenants that will best serve and appeal to the community and provide long-term stability for Pacific Place and downtown Seattle, and there is keen interest from prospective tenants,” the statement read.
Other Pacific Place tenants include jewelry store Tiffany & Co. and soup dumpling restaurant chain Din Tai Fung.
Despite the closures, the city’s core is home to more than 2,500 storefronts, according to the Downtown Seattle Association, which advocates for downtown recovery.
By DSA metrics, downtown Seattle is still recovering from the pandemic shutdown four years ago.
In February 2024, the total number of visitors was 87% of the number seen in February 2020, and worker foot traffic in February was at 57% compared to the same period in 2020, according to DSA.
“But retail closures like Lululemon show work remains,” a DSA spokesperson said.
“We must ensure an inviting environment for Seattle’s entrepreneurs, their employees and customers.”
For more news and updates like this, opt-in for push notifications.
Also Read: Three Massive Bank Branches Are Now Closing in California
Other Economy News Today
A massive retailer is now closing a location after 20 years and is having a liquidation sale of up to 50% off.
Time is ticking for the Walmart in Townson, Maryland which is shuttering its doors for good on April 5, reports The-Sun.
After 20 years as the anchor location at the Towson Place Shopping Center, the store is closing due to underperformance.
Deals and discounts are as high as 50% off on some merchandise.
Located about eight miles north of downtown Baltimore, the store shares the center with competitors Ollie’s Bargain Outlet and Target.
The store is known for its unique two-floor design which was once the Montgomery Ward.
Walmart said its reasons for closing include “financial performance, location, and customer needs,” according to local CBS affiliate WJZ-TV.
An estimated 207 employees will be able to transfer to a different location and keep their positions.
Employees have until June 14 to transfer, or they’ll be given a severance package, according to a Walmart release.
The news comes amid an announcement by Walmart that it is closing at least 5,000 stores not meeting expectations.
And shoppers are making the most of the store’s fire sales.
For more news and updates like this, opt-in for push notifications.
Also Read: Retirees Will Now Receive More Money For Social Security
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
Leave a Reply
You must be logged in to post a comment.
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.