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MainPlace Mall <br />Net Fiscal Impact and Economic Analysis <br />December 2018 <br />Page 14 of 33 <br />This trend is expected to continue in 2018 and beyond, with 3,487 retail store closures having <br />already been reported already in 2018 alone (see Exhibit 3.2.4). <br />Recently, most major department stores have continued to announce store closures. For <br />example, Sears & K-Mart closed 40 stores in 21018, Macy's is closing 11 department stores, <br />including Laguna Hills Mall and Westside Pavilion. J.0 Penney is closing 8 more stores after a <br />toss of 140 stores in 2017. Brookstone just announced a Chapter 11 bankruptcy filing, and will <br />close all 101 remaining mall stores. <br />Other examples of store closures include: <br />• Toys "R" Us has closed all 735 stores <br />• Bon -Ton Stores has announced liquiation of all its Midwest department stores <br />• Sears and K-Mart announced 80 more store closing in March 2019 <br />Gap will close approximately 200 stores in next few years <br />GNC will close 200 stores in 2018 <br />Footlocker is closing 110 stores <br />J. Crew will close 20 stores <br />Subway is closing 500 stores <br />With a toss of over 8,000 retail stores in 2017, mall owners are unable to find new tenants for <br />vacant spaces, showing the critical Importance of investing in a strategy to diversify the types of <br />land uses, such as apartments, with pedestrian -friendly promenades and open spaces, outdoor <br />dining, and entertainment and retail, all within a unified site. <br />.9.44: <br />14,000 <br />12,000 <br />10,000 <br />8,000 <br />Source: Credit Suisse, Cushman & Wakefield, 2018, <br />The analyses, projections, assumptions, and any examples presented herein are for <br />kosnlwl-Illustrative purposes and are not a guarantee of actual and/or future results. Tax analyses <br />are projections only. Actual results may differ from those expressed in this analysis. <br />75D-549 <br />