Source: CNBC
Summary
Seritage Growth Properties CEO Jamie Salter defended the company’s mall empire and retail business model in an interview with CNBC. Salter stated that the company’s focus on experiential retail and repurposing of former Sears and Kmart stores is a success. He also emphasized the importance of brick-and-mortar stores and the need for a physical presence in the retail industry. The interview came as the company faces pressure from investors and declining foot traffic in malls.
Our Reading
The trend returns with a new name.
Salter’s defense of the mall empire echoes the cyclical nature of retail trends. The emphasis on experiential retail is reminiscent of the 1990s and early 2000s when malls first began incorporating entertainment and dining options. The repurposing of former Sears and Kmart stores is a familiar strategy, mirroring the reuse of old department stores in the 1980s. The focus on brick-and-mortar stores is a nostalgic nod to the pre-e-commerce era. The need for a physical presence is a refrain often heard during past retail revivals.
Author: Evan Null
