A simple Google search of "malls in default", "mall closing", or the evergreen "retail apocalypse" will result in a bleak list of dozens of mostly midwest and western-USA newspaper and journal stories with headlines like Rushmore Mall facing foreclosure, $100M in upaid loads or Another one bites the dust and Metro area mall headed for a foreclosure sale as owner faces default on $200M loan.
But a casual drive to your local Sears or Dillard's (or the place where they used to stand) will likely confirm what we've long noted — that while mega malls were once the destination of choice for America's misunderstood youth, they're bound to suffer the same fate as the big hair, hoop earrings and creepy mustaches that once frequented their food courts in the 80s.
New figures by real estate research firm Reis shows consumer presence in America's once great cultural icon of 80s-90s suburban chic is at a 6-year low, with the the vacancy rate at metro and regional malls around the country hitting 8.6% last quarter (up from 8.4 percent in the prior quarter), the highest since the end of 2012.
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8 comments:
To be continued. The era of retail real estate is in a permanent death spiral.
The MSM stories of the US economic recovery have been exaggerated. The jobs reports are manufactured lies and are made up largely of low paying part time jobs. Many Americans have 2 or more part time jobs.
They refuse to lower their prices.....why pay 30 to 50% more for an item you can find on line and have it shipped directly to your home??????
Shopping is just not a grazing pass time any more. People have better things to do.
It's almost impossible for retail to evolve when they've invested millions in a shopping concept(like a mall) that has seen better times.We practically lived at the Old Mall,but now everything under one roof has taken center stage.
If other malls look like the Salisbury Mall with all the thugs walking around, it no wonder people who spend money have stopped going !!!
The lady that sold candy in the mall here left because she said she could not afford the increased rent they charge. More than one has left because of that. Greedy people in this world.
@ 10:52 AM, You're right there. Especially the first of the month when the checks go out. They fill the shoe stores to buy shoes to sell on eBay. Spending money, just to spend money. Buying candles, pretzels and walk around stuffing their mouths. Walking with their pants below their azz. Must be nice to live that good on welfare. If they had a job they would not be in the mall during the week mid day. Then there are the illegals that fill the mall now on Sunday and when it rains.
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