$WPG What the article is referring to is that often anchor stores own the real estate separate from the mall or they pay almost nothing in rent to the mall operator to be an anchor store. About 2 years ago WPG bought several Sears - the real estate - for cheap. Significantly less than they could build a building for. now these stores are becoming anything from more relevant retail to entertainment and restaurant uses. And these are folks that are paying rent, quite a bit more than their predecessor department stores. The question isn't: is retail dying or not? The question is: with the transformation in the retail landscape, what is the highest and best use for the underlying real estate? And for the real estate owners that understand that, this is a potential windfall, Not a handicap. And WPG has demonstrated that they understand this and they are making the necessary changes to not only avoid problems but capitalize on the transformation of retail. forbes.com/sites/sanfordste...
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