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Amazon Looks To Take On Empty US Department Stores

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According to an article in the Wall Street Journal, Amazon is in talks with Simon Property Group Inc. - the biggest shopping centre owner in the US - in relation to turning some empty retail properties into fulfilment centres.

An increased number of distribution hubs near to residential areas would enable Amazon to fulfil orders more quickly, while Simon would benefit from having a secure, long-term tenant.  

It's understood that space previously occupied by department store chains JC Penney and Sears are the focus of the discussions, which are understood to have been underway for several months, prior to the start of the coronavirus pandemic.  The article also indicates that the Amazon and Simon are considering buying out some sites in which stores are still trading.

According to recent corporate filings, there are 63 JC Penney and 11 Sears stores operating within Simon malls.  Last month, JC Penney confirmed its intention to close 152 stores and Sears has closed hundreds of stores over the last few years.

Source : Insight DIY Team

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11 August 2020

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