Mall mania subsides as consumers turn bargain hunters

by Mark Chediak
OrlandoSentinel.com

The economy is taking its toll on regional shopping centers.

As tight-fisted customers continue to hold back on purchases, several mall-based retailers have shuttered stores. That has left malls across the region with broken leases and empty spaces.

Familiar names such as Ann Taylor, Zale Corp. and Foot Locker have announced plans to shut down locations nationwide. And retail stalwarts such as J.C. Penney and Starbucks are scaling back, making it even more challenging to replace departing tenants with new ones.

Overall, the International Council of Shopping Centers, a trade group, predicts store closings for 2008 could reach 5,770 -- the highest number since 2004.

Some malls are particularly vulnerable: Those with full-priced stores, those in areas that are still developing or those that are suddenly facing stiff competition from open-air centers, which have proved popular with shoppers.

Take, for example, West Oaks Mall in Ocoee. The 1 million-square-foot enclosed shopping center -- which struggled to attract shoppers during boom times -- recently has seen Belk department store, Old Navy, The Disney Store and teen retailer Demo all move out.

"It's been slow," said Kia Kelly, store manager of Ladies Choice, an urban clothing store that opened in the mall at the start of this year.

"We've tried putting on sales and giving discounts," Kelly said. "It's just that people don't have that kind of money anymore."

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