The U.S. arm of L’Occitane en Provence has filed for Chapter 11 bankruptcy protection as it looks to cut costs and reduce its store portfolio amid pandemic-related business disruption.
As e-commerce has accelerated, so had the demand for warehouse space. According to a report from CBRE, nearly 14 million square feet of big-box retail space in the U.S. has been converted to industrial space.
“Boston’s like a ghost town, and it was always hustle-bustle,” said Mike Powers, senior VP of Tuscan Village. “It’ll come back, but it’s a wakeup call to the real estate market that things had gotten out of hand.”
Mall owners and operators who spent big money outfitting their enclosed spaces with state of the art air purification and sanitation systems might have helped make medical history.
