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Some malls pressure retailers to open on Thanksgiving Stores that break mall hours can be subject to steep fines and other consequences

 
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11/25/2015 11:24 PM
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Some malls pressure retailers to open on Thanksgiving Stores that break mall hours can be subject to steep fines and other consequences
[link to finance.yahoo.com (secure)]

More small retailers will be open for business on Thanksgiving Day—and they may not have a choice in the matter.


While most department stores set their own hours, the small shops that line mall hallways tend to follow their landlords’ lead, industry executives say. Mall owners in turn take their cues from “anchor” chains like J.C. Penney Co. and Macy’s Inc., which have made it clear that opening Thursday evening is the new tradition. J.C. Penney plans to open most of its stores starting at 3 p.m. on Thursday, while Macy’s will open at 6 p.m.

Mall owners consider it “imperative for retailers and restaurants to be open” on Thanksgiving, said Anjee Solanki, national director of retail services for Colliers International Group Inc., a real-estate-services firm. “This is when they can capture as much foot [traffic] as possible and drive future business with specials for the following month. Every tenant must adhere to the hours for uniformity.”

Stores that break mall hours can be subject to steep fines and other consequences, retail and real-estate executives say.

“Merchants are required to open at 6:00 p.m. on Thursday, November 26th, (Thanksgiving Day) until closing at midnight,” said one letter from the Sunvalley Shopping Center in Concord, Calif. “All merchants have the option of remaining open midnight through 5:00 a.m. if they choose.”

A spokeswoman for mall landlord Taubman Centers Inc. said eight of its other properties will stay closed on Thanksgiving, but not Sunvalley.





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