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Business

Retail shares take hit on fears that shopping mall business is falling

By
James Covert
Published April 11, 2014, 10:30 p.m. ET

Shares of struggling chains, including JCPenney, Sears and Aeropostale, got whacked Friday on jitters that business at shopping malls is sputtering.

JCPenney shares dropped 9.6 percent to $7.70, while Sears and Aeropostale fell 5.2 percent and 5.7 percent, respectively.

The S&P Retail Index, reflecting widespread uneasiness, fell 4 percent this week.

A disappointing monthly sales report from Gap late Thursday, revealing that the owner of Old Navy and Banana Republic had comparable sales that fell 6 percent in March, helped fuel the sector-wide sell-off.

“The mall is awash with apparel inventory,” Cowen & Co. analyst John Kernan wrote in a Friday research note.

Retailers, including Aeropostale, American Eagle Outfitters and Abercrombie & Fitch, could cut margin forecasts if mall traffic remains soft.