While losing an anchor tenant can be a warning sign for a mall, it's sometimes an opportunity. Some of Macy's latest closures, for example, occurred in quality malls that simply had a better store nearby, according to CoStar.
Losing two anchor tenants at once, on the other hand, is often a symptom of a larger issue, Ryan McCullough, senior real estate economist at CoStar, told CNBC.
Those issues could include a stronger property opening nearby, poaching tenants from the incumbent mall. In other cases, a spike in an area's unemployment rate can cause sales at the local mall to suffer — sending tenants to the exit.
Properties losing more than one anchor tenant:
- Jasper Mall, Jasper, Alabama: Kmart and J.C. Penney
- Eastland Mall, Bloomington, Illinois: Macy's and J.C. Penney
- Lakeview Square Mall, Battlecreek, Michigan: Macy's and J.C. Penney
- The Boulevard, Las Vegas, Nevada: Macy's and J.C. Penney
- Richmond Town Square, Richmond Heights, Ohio: Sears and J.C. Penney
- Lycoming Mall, Pennsdale, Pennsylvania: Macy's and J.C. Penney
- Shenango Valley Mall, Hermitage, Pennsylvania: Sears and Macy's
In the case of the Jasper and Eastland properties, both owners are in the process of finding new tenants to fill the spaces, according to spokespersons.
"We'll end up with a much better tenant mix when everything shakes out," Marsha Massey, who manages the privately owned Jasper Mall, told CNBC. "We're actually very excited about it."
A spokesperson for CBL, the only publicly traded real estate investment trust with a property on CNBC's list, said in a statement that its properties "generally hold the dominant position in their markets and generate significant demand."