CBL Properties Chief Executive Stephen Lebovitz recalls the daunting early days of the coronavirus pandemic last year, when retailers closed stores in droves and many shoppers quit coming to its malls.
“No one ever lived through anything like that,” he says. “We never anticipated shutting down our properties in a six-week period. That really forced us to think how to operate in an environment that had obstacles thrown at us that we’d never seen before.”
While a bankruptcy for Chattanooga-based CBL followed late in 2020, the company spent a year restructuring and emerged on Nov. 1 from what Lebovitz termed “a journey.” But with a court-approved exit plan, the attitude moving ahead is positive and officials are energized by a recovery in mall traffic, consumer spending and sales, he says.
CBL, which operates 105 shopping centers across 24 states, today is executing its suburban town center approach to its properties. While retail is still key, Lebovitz says CBL is diversifying the uses of its properties and drawing more interest from nontraditional operators.
“Entertainment has come back,” he says. “When it comes to residential multi-family, that market is so strong. That’s definitely still the strategy we expect to continue.”