Arizona Center Development

[combusean]

I'd take those closings with a grain of salt. The four stores in Seattle, Oakland, and SF all opened relatively recently, so they're locked into high rents in areas with generally declining traffic. The one in Pittsburg, CA hasn't been updated in years and it wouldn't surprise me if their lease was unfavorable too.

Even the tiniest amount of shrink would harm an already untenable position and it's probably just easier for them to blame that rather than admit the fundamentals of having high or anticipated sunk costs and no realistic way to ride it out. Target really tried to hit the urban markets which COVID massively disrupted and they can't have investors questioning that strategy by looking at the surviving stores.