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In 2004, Malcolm Gladwell wrote that investment in malls was artificially accelerated when the United States Congress introduced accelerated depreciation into the tax code in 1954. [25] Despite the construction of new malls, mall visits declined by 50% between 2010 and 2013 with further declines reported in each successive year.
Taubman spoke privately to Bates, letting him know they would withdraw the Hilltop proposal unless they received at least one of the three votes, adding they would then build the shopping mall in a neighboring city. Bates, fearful of losing the sales tax revenue, made a motion and voted to support the Hilltop site. [4]
Liquidation sales began on May 22, and the stores closed by July 31. [166] Another 8 stores and a distribution center closed in 2018 while over 50 additional stores were expected to close between mid-2019 and late 2020. [167] [168] JCPenney filed for bankruptcy on May 15, 2020, and announced plans to close at least 242 stores. [169]
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Take the "fair and square pricing" scheme, which abruptly did away with J.C. Penney's neverending stream of coupons, sales and promotions. Johnson wasn't just dismantling the company's long ...
The trend accelerated after the passage of Proposition 13. San Bernardino's mall then matched the strategies of contemporaneous failed malls such as the Long Beach Plaza and the Plaza Pasadena. The idea was to condemn grandfathered low property-tax rate properties and redevelop them as retail centers that would concentrate local sales taxes.
JCPenney said Thursday it plans to spend more than $1 billion by the end of 2025 in a bid to revive the storied but troubled 121-year-old department store chain. ... It had annual sales of roughly ...