NOVI, Mich. – No fewer than 20 nationally known retailers have recently filed for bankruptcy.
J. C. Penney, Nieman Marcus and Pier 1 Imports are just a few. Now the once vaunted shopping malls you often found these chains inside of are getting hit hard as well.
There are implications the tough financial crisis could have on shoppers across the country and in Metro Detroit.
Malls started right in Metro Detroit during the 1950s and 1960s. The Taubman company built many of them including Twelve Oaks Mall in Novi.
But the industry is shifting, changing and owners are struggling to get customers in the door and more than that keep the doors open.
Related: What’s shopping in a pandemic like? Drive to your local mall
Fairlane Town Center once owned by mall company Starwood just handed the keys over to the bank.
“Its days as a super regional mall