Stores That Defined American Malls Bet on a Freestanding Future
March 21, 2021 | Jordyn Holman, Lauren Coleman-Lochner | Bloomberg News
Quintessential mall stores from Macy’s Inc. to Kay Jewelers to Gap Inc. are plotting out a post-Covid future — and traditional shopping centers won’t play as much of a role in it.
Signet Jewelers Ltd., which owns chains such as Kay and Zales, said this past week it will expand in off-mall locations while continuing to pull back from the old-school gallerias where it has long had a major presence. The company also plans to add more kiosks in underserved markets.
The move brings “an opportunity for a better economic model,” Joan Hilson, Signet’s chief financial officer, said in an interview. “The foot traffic for off-mall locations is better than what we’re seeing in the mall, certainly in this time. It’s really important, and we see that shift continuing.”
