The largest mall and strip center landlords in the U.S. are trying to combat a wave of store closures by dipping into their own pockets, The Washington Post reported yesterday. Some are acquiring retailers outright, while others are buying up space from department stores and snapping up other retail locations. General Growth Properties, the second-largest real-estate investment trust by number of properties, said it bought five stand-alone stores from Macy’s Inc. for $48 million since the beginning of the third quarter. Retail property landlords are battling a storm in the retail sector sparked by consumers’ changing shopping habits. To win, they must identify which new investments could best recapture shoppers’ attention. They also must convince investors that snapping up properties and companies are promising growth strategies that improve their competitiveness. Landlords also are diving directly into the retailing business. In September, General Growth and Simon Property Group joined a consortium to acquire Aéropostale Inc., which helped the clothing retailer stave off liquidation.
