Here’s another interesting curiosity: Dillard’s, who maintains two stores at Austin’s beleaguered Highland Mall, is suing the Highland Mall Limited Partnership–made up jointly of General Growth Properties and Simon Property Group–for letting the mall deteriorate sharply. Dillard’s plans to close both of their stores in the center, which already lost JCPenney in 2006.
Gang activity, crime and a store that sells toilet paper are some of the reasons why anchor retailer Dillard’s wants out of Highland Mall before its lease is up…
Dillard’s alleges that the owner — Highland Mall Limited Partnership, made up of Simon Property Group Inc. [NYSE: SPG] and General Growth Properties Inc. [NYSE: GGP], two of the country’s largest mall operators — let it deteriorate to such a degree that it has forced Dillard’s to close.
It would be interesting to see how this pans out; if they’re successful I suspect we may see more retailers take such a tack to exit rapidly deteriorating shopping malls.
(image: Austin Business Journal)