For California shopping centers, this week’s bankruptcy filing by the Mervyns department store chain threatens to become another big headache. Mall owners are already struggling with store closures, forcing them to keep a lid on rents or even reduce them in some cases, retail experts say. Now Mervyns says it will consider closing some locations, which would further weaken the retail rental market. “I’ve been hearing of pressure on rents for at least six months,” said Gregory Stoffel, a retail strategist in Irvine. “Rents will continue to go down if vacancies increase.” For the full story visit www.latimes.com/business/la-fi-centers31-2008jul31,0,295426.story
