Gursky Comments on Retail Store Closings
The Huffington Post reported that Walden Galleria, a shopping mall in Buffalo with more than 200 stores, plans to fine its retailers if they fail to open at 6:00pm on Thanksgiving, in an attempt to keep up with stores like Kmart, Target and Walmart, which all plan to open on Thanksgiving Day. Olshan Partner Steven Gursky was quoted in the article, explaining why it’s not uncommon for mall property managers to penalize stores for being closed when the rest of the mall is open. “Malls are keenly interested in keeping their shops open. Part of the rent the mall collects from each store is based on its sales. If a store is closed during mall hours -- particularly busy holiday shopping hours -- it theoretically would make less money and would pay less rent,” said Gursky.