CBL says 2018 has ‘strong start’

Chattanooga-based mall operator CBL Properties on Friday reported that sales at its properties were off to “a strong start” in the first couple of months of 2018.

Sales per square foot in CBL’s portfolio for reporting tenants under 10,000 square feet increased 5.6 percent during January and February. CBL sales exceeded the National Retail Federation’s 2018 forecast for an increase in retail sales between 3.8 percent and 4.4 percent. NRF reported January sales increased 5.4 percent and February sales grew 4.4 percent over 2017.

“These results reinforce the resilient nature of our market dominant properties and ongoing consumer confidence that we saw over the holiday season as a result of the strong economy,” said Stephen Lebovitz, CEO of CBL Properties, in a statement.

He said that sales were bolstered by performance at its border properties, cold weather in the South which drove winter merchandise sales and a healthy increase in the jewelry category.