During the Detroit REAL Professionals May meeting, the Members discussed the Bon Ton bankruptcy, and their plan to sell off more than 200 stores in malls across the nation as it prepares for liquidation. This represents 24 million square feet of retail space added to the more than 90 million square feet expected to go dark this year. This is a vacancy pace that is likely to set a new record. Bon Ton is the parent company of several local department stores, including Elder Beerman, Yonkers, Carson’s and Stein Mart. Member Brad Rosenberg of Mid-America Real Estate reports that these footprints range from approximately 70,000 to 125,000 square feet each. Despite the sell-off of mall space by some retailers, new restaurants are still being placed and several fitness companies, including Orange Theory, Crunch, Edge Fitness and Blink Fitness are eyeing the vacancies.
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