by Wolf Richter
Wolf Street
Efforts to redevelop dying Stonestown Galleria in San Francisco turn into mess. The beating of landlords will continue until mood improves.
It was another stab in the back of the already bleeding brick-and-mortar movie theater business and its landlords and their lenders. But for Disney, it was the next big step in selling direct to consumers, rather than through movie theaters, cutting out the middleman. Ecommerce is doing the same to brick-and-mortar retail. And the Pandemic has compressed what would have taken years into a few months.
Disney has a slew of problems on its hands. It had to close some of its theme parks. When it reopened parks, it was with diminished capacity. It announced last week that it would lay off 28,000 workers, as its Disneyland parks in California would not reopen soon.