Forever 21 filed for Chapter 11 bankruptcy in 2019 and announced in that filing that they may close up to 178 U.S. stores. The retailer has ten locations in San Diego and SW Riverside, three of which were listed on the bankruptcy filing. The struggling retailer occupies more than 200,000 sq. ft. in the region. Store sizes typically range from 20,000 to 50,000 sq. ft., so part of the strategy may include downsizing or relocating to smaller spaces, which also may present opportunities in key retail locations.
Mall owner Simon Property Group has a multimillion-dollar renovation planned for Fashion Valley, San Diego’s largest regional mall and the latest locally to get an extensive overhaul as the venues look to lure shoppers buying online. The proposed updates only seek to enhance the overall guest experience and better reflect the San Diego lifestyle. Competitors such as One Paseo are attracting more shoppers to their properties by creating more common spaces and experiential elements.