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Landlords Scrutinize Target’s Closures

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searchCommercialNationalBlumenfeld says retailer’s exit from East Harlem property is “small-format” playSave articleSHARE THIS ARTICLEFONT SIZETarget announced last month it would close nine retail locations across the country, citing theft and organized retail crime.&nbsp;But some landlords of the soon-to-be shuttered locations aren’t convinced, Bloomberg reported.&nbsp;&nbsp;Blumenfeld Development Group’s East River Plaza is one of the properties losing a store, which is set to close its doors at the end of next week. Target opened the 135,000-square-foot East Harlem store in 2010, but recently signed a lease for another, much smaller location in the neighborhood.Principal David Blumenfeld said the closure was a “business decision to move to small-format stores.” Blumenfeld said he didn’t have any conversations with the company about retail theft ahead of last month’s announcement and learned of the closing date from news reports.&nbsp;“While we do not share the details of our conversations with vendors and suppliers, we can confirm that we have engaged in conversations about safety with the developers of these properties for years,” a spokesperson for Target said.&nbsp;Blumenfled said he doesn’t intend to let Target out of its lease, which has 18 years left.&nbsp;The retailer has cited crime as a damper on its financial performance, reporting inventory losses that resulted in an almost a percentage point decrease for its gross-margin rate in the second quarter from a year earlier.&nbsp;Shoppers and employees at the East Harlem Target told Bloomberg they regularly witness brazen shoplifting and resales happening down the block.NationalSan FranciscoNew YorkIn its announcement, Target cited efforts to employ more security to protect the stores, ultimately in vain. D.A. Davidson &amp; Co. retail analyst Michael Baker told the outlet that crime is rarely the only reason a retailer would shut down a store.&nbsp;“Target wanted to make a statement to California that something needs to be done,” Sierra Pacific Properties president Doug Messner said after it was announced the landlord is losing one of the retailer’s locations. After discussions stalled over renewing its lease, Messner said a Target executive said the company was looking to make a call to action for state authorities on crime.— Holden Walter-WarnerTagsBrian CornellEast River PlazaRetailRetail Real EstateStore closuresTargetTop storiesRecommended

searchCommercialNationalBlumenfeld says retailer’s exit from East Harlem property is “small-format” playSave articleSHARE THIS ARTICLEFONT SIZETarget announced last month it would close nine retail locations across the country, citing theft and organized retail crime.&nbsp;But some landlords of the soon-to-be shuttered locations aren’t convinced, Bloomberg reported.&nbsp;&nbsp;Blumenfeld Development Group’s East River Plaza is one of the properties losing a store, which is set to close its doors at the end of next week. Target opened the 135,000-square-foot East Harlem store in 2010, but...

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Landlords Scrutinize Target’s Closures

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