Taubman Temporarily Closes Shopping Centers in Response to COVID-19

Bloomfield Hills, Mich. — As of March 19, 2020, Taubman Centers, Inc. temporarily closed all but two of the company’s U.S. shopping centers in response to COVID-19. The closures will continue through March 29, or later if required by state or local government.

“After numerous discussions with state and local officials, we will temporarily cease operations in all but two centers this evening,” says the company’s chairman, president and CEO, Robert S. Taubman. “We are clearly in unprecedented times and this is right decision for our shoppers, retailers, employees and these communities.”

In some markets, restaurants or other tenants with exterior public entrances at enclosed malls may stay open at their discretion, as and to the extent permitted by law. Businesses with entrances inside of the mall will be closed.

Tenants at the company’s open-air, street-front retail centers — Country Club Plaza (Kansas City, Mo.) and International Market Place (Waikiki, Hawaii) — may continue to operate.

Taubman and The Forbes Company together own the following Florida centers that temporarily closed starting on March 19, and will remain closed until at least March 29: Waterside Shops (Naples), The Mall at Millenia (Orlando) and The Gardens Mall (Palm Beach Gardens). Some full-service restaurants may remain open for takeout. These centers are managed by The Forbes Company.

In Asia, the company operates three shopping centers: CityOn.Xi’an (Xi’an, China) and CityOn.Zhengzhou (Zhengzhou, Henan, China) and Starfield Hanam (Hanam, South Korea). In response to COVID-19, CityOn.Xi’an was closed for 34 days and reopened on February 29. CityOn.Zhengzhou was closed for 10 days and reopened on February 27. Starfield Hanam never closed due to the virus and remains in operation. The company continues to comply with the highest standards of public safety in Asia.

Taubman Centers is a REIT engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the U.S. and Asia. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. For more information, visit www.taubman.com.

 

SOURCE: Taubman Centers

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