Taubman Shuts Properties To Contain Coronavirus Outbreak
Zacks Investment Research | Mar 19, 2020 09:54PM ET
Taubman Centers Inc. (NYSE:TCO) recently informed that it has temporarily shut down all its shopping centers in the country barring two, in response to the coronavirus pandemic. The closure stands effective from the close of business on Mar 19 to Mar 29. This shut down may be extended in accordance with the directions of the local or state government.
Among the malls that are temporarily closed in California are Beverly Center (Los Angeles), Sunvalley Shopping Center (Concord) and The Gardens on El Paseo (Palm Desert). The malls closed in Florida are Dolphin Mall (Miami), International Plaza (Tampa) and The Mall at University Town Center (Sarasota).The move comes as the number of infected patients in the United States continues to flare up, while the spread of the virus outside of mainland China continues. Recently, Simon Property Group (SPG) also decided to close all of its retail properties, including Malls, Premium Outlets and Mills in the United States till Mar 29.
Retailers, including Macy’s (NYSE:M) , J.C. Penney (NYSE:JCP) and several others have been forced to close their stores. As more and more people are opting to stay indoors and availing online purchases, many retailers are keeping their e-retail operations running, while some others have preferred to reduce store hours too.
As a consequence, retail REITs, which have already been reeling under store closure and bankruptcy issues, are now bearing the impact of this mass aversion of consumers gathering in public spaces.
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