Mall owner opts to go dark on Thanksgiving, sticking with a new tradition

by Dramelin 4:00 AM 0 comments

CBL Properties will keep the doors of its retail properties closed on Thanksgiving Day for the second-straight year.
Pushing back against so-called Black Friday creep, Tennessee-based CBL said the closures will affect 62 of its malls and open-air shopping centers.
Last year, more than 70 CBL-owned locations were kept closed on the holiday, allowing employees to enjoy their turkey.
Some of the REIT`s assets have since been sold off, which accounts for the discrepancy in the number of properties closed on a year-over-year basis.
"We had such overwhelming support from last year`s decision," Chief Executive Stephen Lebovitz told CNBC.
"We felt validated by that .
it was the right thing to do.
" Like last year, the only tenants allowed to open early at the real estate investment trust`s enclosed malls are department stores or shops with an exterior entrance.
All access to common areas will be restricted.
CBL`s open-air centers will also be closed, but since those tenants have exterior entrances, they have the option to open on Thanksgiving.
Prior to 2016, openings at CBL`s properties had been moving slightly earlier every year, with many retailers trying to get a jump on holiday sales.
In 2012, select CBL centers opened for the first time at midnight on Black Friday.
The next year, all of its centers opened at 8 p.
And in 2015, it was 6 p.
"Now we have a track record," Lebovitz said of the two-straight years of closures.
"Nothing is set in stone forever, but it`s a very high likelihood we will continue this unless the circumstances change.
" Lebvoitz said CBL doesn`t have to worry about any of its mall competitors remaining open because many of its buildings house the dominant retailers in smaller markets.
Some of CBL`s retail tenants have already begun announcing plans to stay closed on Thanksgiving.
Among them: TJ Maxx and H&M.
CBL is in the midst of a complete rebranding, with the goal of marketing its portfolio as "vibrant town centers" with experiential opportunities, more restaurants and fitness centers.
"Our properties are not just about retail or shopping — they serve as gathering places for their respective communities," Lebovitz said.
He said the decision to close on Thanksgiving ties directly into the rebranding because CBL wants to encourage families to spend time together on holidays rather than shopping.
These CBLs properties will be closed on Thanksgiving Day.