Published in Shopping Center Business, May 2001  

The failure of Montgomery Ward and other department stores, along with the closings of Sears, Penney's and others has the shopping center industry, once again, facing the vacant department store dilemma. The industry had similar, but more extensive, problems in the later '80's and early '90's, following the department store leveraged buyouts, consolidations, and bankruptcies. This time, however, there are fewer department stores waiting in the wings to replace the newly shuttered stores. Additionally, some of the other solutions are not longer alternatives. Finally, the actions taken are dependent upon who owns the vacant department and what their objectives are. Unfortunately, they are sometimes incompatible.