Huge Monmouth County, NJ Store Will Be Closing Its Doors After Decades
Most mall business has been on the decline since online shopping became more mainstream.
The pandemic also didn't help.
The Monmouth County Mall in Eatontown has been talking about its "redevelopment" for a long time.
They are looking to turn the mall into more of a community, with houses, apartments, etc.
Issac Bechler is the VP of Asset Management for Kushner Companies and he told centraljersey.com that in 2018 the mall was at 90% capacity which means 90% of the mall space was occupied.
Fast forward to 2022, that number is now down to 62%. Bechler plainly stated:
This is simply not sustainable.
According to APP.com, Anthony Talerico Jr., Mayor of Eatontown said that JCPenney would not be a part of the new mall layout and is likely going to close.
Big stores like JCPenney, Boscov's, and Macy's are called "anchor stores."
They are the biggest businesses that anchor the sides of the mall.
In the case of JCPenney, they have a huge space. Huge as in 225,000 square feet.
Sadly, this isn't very surprising as the retailer has had some troubles recently.
It was almost a complete shutdown in 2020 when JCPenney filed for Chapter 11 bankruptcy.
Later in the year, two new companies took the brand over.
Monmouth Mall and JCPenney will not comment on whether the Monmouth Mall location is closing.
There are signs outside the store offering savings of 50% or more on merchandise.
APP.com is reporting that two employees of JCPenneys said the store will be closing its doors in October.