Struggling shopping malls are finding an unexpected boost from bargain-hunting retail operators.
Such was the case in Stamford, Conn., where the Stamford Town Center mall lost popular tenants like H&M, Apple Inc. and Talbots to a competing shopping center that opened last year only 8 miles away.
In October, home-furnishing company Safavieh purchased Town Center mall.
Safavieh plans to open a home-design center and relocate its nearby home furnishings store to the mall, said Arash Yaraghi, whose family runs the Port Washington, N.Y.-based company.
But, he added, “price is always the deciding factor.” Safavieh paid $20 million for a property that was appraised at $64 million last year, according to a Stamford government website.
CORONAVIRUS LEAVES RETAILERS STRUGGLING TO PAY RENT