Malls Cutting Hours To Trim Losses

From the Press Enterprise:

So far, most Inland shopping malls have not been impacted in moves by some national operators to reduce costs by trimming mall hours, as consumers continue to pull back on spending.

Reduced hours went into effect Sunday at Westfield Palm Desert, owned by Australia-based Westfield Group; and Ontario Mills, owned by Indiana-headquartered Simon Property Group.
Starting this week, weekday hours have been trimmed -- by opening a half-hour later and closing a half-hour earlier -- at most of Westfield's 55 U.S. malls, including the Palm Desert mall, its only Inland location. Westfield said the changes were intended to help reduce labor, utility and other costs during times of low foot traffic.

Retail is getting hammered in this downturn, more so than in other recessions
as PCE, personal consumption expenditures, has been declining in October, November &
December, and has only begun to level out in January.

Desperate times call for desperate measures, and highly leveraged mall owners / retail REITS (*ahem* General Growth Properties) are on the verge of bankruptcy.

What happens when the landlord defaults? Can struggling anchor tenants wiggle out of their long-term leases? What is the bank going to do with a mall?

Things to look forward to in the upcoming months as this whole "recession" thing works itself out.