Surprise! The Westfield Plaza Camino Real is losing another tenant this week as Borders Group announced closures of 200 of their retail outlets nationwide, according to a story in the San Diego Daily Transcript. The Carlsbad Borders Express will no longer be with us (not that we ever shopped there).
Through this right-sizing, we will reduce the number of stores with operating losses, reduce our overall rent expense and lease-adjusted leverage and generate cash flow through sales and working capital reductions,” said Borders Group Chief Executive Officer Ron Marshall.
Apparently, the Westfield just can’t win. . . in Carlsbadistan.
[Link: San Diego Daily Transcript]
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{ 1 comment… read it below or add one }
It’s such a shame that this part of the North County is
dying a slow death. I lived near Mira Costa in the late 70s and the
Plaza El Camino Real was the hub of the area, with all the cinemas
and big departmernt stores like May Company, Bullocks and
Robinsons. I’m not sure whose planning jurisdiction this is but all
I know is something needs to be done about the place. One
shopkeeper I spoke to at a high end jewelry store stated ‘changing
demographics’ as the problem for their lack of customers… I’ll
let you readers figure that one out for yourselves. Fundamentally,
though whether it is a ‘Borders’ store or a big department store,
times are indeed difficult and the plan Borders has is sound if
they want to stay alive… it begs the question though…’Why is
the store at our mall one of the 200 to shut ?”