As retail wanes, mall tenants want shorter leases

Washington

AS if malls didn't have enough problems, count one more: retailers looking to slash the duration of their leases.

After more than a dozen bankruptcies this year contributed to thousands of store closures, visibility for the industry is so poor that retailers are pushing for lease renewals as short as a year or two - down from five to 10 years. "You're certainly seeing the renewals geared towards the shorter term, rather than the five-year renewal," said Andrew Graiser, head of A&G Realty Partners.