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Mall REITs Might Not Be In As Much Trouble As You Think


Nov 25, 2020 by Matthew DiLallo

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Operationally, however, we saw a marked improvement in the third quarter over the prior three months and cash collections are once again nearing normal levels…we are beginning to see not only sales approaching normalized levels, but even outperformance in certain markets. Customer traffic at our retail centers continues to increase, returning to 65%-70% of normal in the third quarter. Tenant sales have similarly recovered and in certain segments are experiencing stronger sales versus this time last year.
Strong performance is not isolated to luxury, however, as sales for retailers with broad appeal including Pandora (OTCMKTS: PANDY) and American Eagle Outfitters (NYSE: AEO) are likewise growing. Sales at large-format box retail stores are also up 14% year-over-year, a testament to the strong, evolving one-channel capabilities of retailers in this category. And the back-to-school shopping season produced year-over-year sales growth in several additional categories including children's and teen apparel, athletic shoes, and sporting goods.

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