Neiman Marcus was an old, wounded underdog, going into battle with younger, stronger, scrappier dogs. Then the biblical flood we call COVID-19 came in and wiped everyone out indiscriminately.
It is expected that some time this week, Neiman Marcus will file for bankruptcy after missing loan payments in April. The Dallas based retailer will be the first to do so since the virus impacted everyone in March 2020.
I’m afraid that there will be more. Many more.
Many of the few remaining traditional department stores still operating in 2020 including JCPenney, Lord and Taylor, Saks Fifth Avenue, and the highly endangered Sears are in real jeopardy of not being able to survive the pandemic. If this is the case, it may be time for landlords to start coming up with plans to keep millions upon millions of retail space from becoming abandoned in the upcoming months.