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Posted Mar 8, 2017, 12:19 pm
Midtown's El Con development may continue its transformation from a shopping mall to a cluster of big box stores, as department store JCPenney is poised to shutter 130-140 stores across the country. The Tucson location is among the retail chain's worst performing shops.
The company recently announced that it would shutter about 13 percent of its locations nationwide. The El Con store, 3601 E. Broadway, is on a list of the 39 that are most likely to be closed, according to an analysis by Morningstar Credit Ratings.
JCPenney has not yet released a list of the stores to be closed. The company said it "plans to release a full list of planned closures in mid-March pending notification of all affected personnel."
"Nearly all impacted stores are expected to close in the second quarter of 2017," company representatives said.
The company will also offer buyouts to about 6,000 workers at the stores that will remain open.
""We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers. Maintaining a large store base gives us a competitive advantage in the evolving retail landscape since our physical stores are a destination for personalized beauty offerings, a broad array of special sizes, affordable private brands and quality home goods and services," said company CEO Marvin Ellison in a written statement.
The stores to be closed account for less than 5 percent of JCPenney's annual sales, and are each losing money, the company said.
Morningstar pointed to nearly 40 stores, including El Con, that generate less revenue per square foot than the retail chain's average.
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At risk stores
- Pinnacle Hills Promenade, Rogers, Arkansas
- El Con Center, Tucson, Arizona
- Mt. Shasta Mall, Redding, California
- Plaza West Covina, West Covina, California
- Westminster Mall, Westminster, California
- Westfield Trumbull, Trumbull, Connecticut
- Southland Mall, Cutler Bay, Florida
- Tifton Plaza, Tifton, Georgia
- North Riverside Park Mall, North Riverside, Illinois
- Yorktown Center, Lombard, Illinois
- Glenbrook Square Mall, Fort Wayne, Indiana
- Muncie Mall, Muncie, Indiana
- West Ridge Mall, Topeka, Kansas
- Country Club Mall, LaVale, Maryland
- Westfield Wheaton, Wheaton, Maryland
- The Maine Mall, South Portland, Maine
- Southdale Center, Edina, Minnesota
- Crossroads Center, Saint Cloud, Minnesota
- Mall at Barnes Crossing, Tupelo, Mississippi
- Windsor Square, Matthews, North Carolina
- Greenville Mall, Greenville, North Carolina
- The Mall of New Hampshire, Manchester, New Hampshire
- Quaker Bridge Mall, Lawrenceville, New Jersey
- Destiny USA, Syracuse, New York
- Palisades Center, West Nyack, New York
- Great Northern Mall, North Olmsted, Ohio
- Northtowne Mall, Defiance, Ohio
- Penn Square Mall, Oklahoma City, Oklahoma
- Park City Center, Lancaster, Pennsylvania
- Capital City Mall, Camp Hill, Pennsylvania
- Wyoming Valley Mall, Wilkes-Barre, Pennsylvania
- Indiana Mall, Indiana, Pennsylvania
- Montgomery Mall, North Wales, Pennsylvania
- Oxford Valley Mall, Middletown Township, Pennsylvania
- Coastal Grand Mall, Myrtle Beach, South Carolina
- Hamilton Place, Chattanooga, Tennessee
- South Plains Mall, Lubbock, Texas
- Potomac Mills, Woodbridge, Virginia
- Kitsap Mall, Silverdale, Washington
The El Con location was part of a return to the major home appliance business for Penney's last year, with about 500 stores nationwide selling refrigerators, stoves, washers and dryers and dishwashers. The department store had exited that market segment about 30 years ago.