It is no secret that malls all around America have already shut their doors for good or on the precipice of doing so. Those that remain, however, may evolve into something different to accommodate the “new normal” and potential wave of the future.
International Business Times (IBT) reports on mall owner Macerich and their recent sale. The company has recently sold their majority stake in its Paradise Valley Mall in Phoenix in a $95 million deal, that is a part of a joint venture with RED Development, a mixed-use real estate company.
According to the report, ‘The companies have big plans for the mall as they are looking to transform the 92-acre suburban site into a community that will feature
High-end grocery, restaurants, multi-family residences, offices, retail shops and other elements [which it said will] better reflect local demand for a wider mix of offerings.
As the retail landscape continues to evolve here in Arizona and around the country, our decision to realize the market value of this non-core asset makes sense for Macerich.’
Ed Coppola. President of Macerich
IBT notes that more consumers are doing their shopping online and using curbside and contactless pickup options, noting a shift from the department and chain stores lining mall walkways.
Notable store such as JC Penny, Disney, DSW, and Fossil, said they would be closing stores in the months to come. This past February other retailers such as Best Buy, Sears, Kmart, Victoria’s Secret, and Fry’s Electrics would shuttering locations too.
Citing a CNBC report, 25% of America’s estimated 1,000 malls will close by 2025 – accelerated by one or two department stores at the location, according to predictions from Coresight Research.
America’s malls have reached the end of their useful life. Communities across the U.S. have turned their backs on what was once their center. These properties often occupy real estate that would best be repurposed to better serve the community.
Mark Toro. A managing partner at North American Properties, an Atlanta-based real estate developer
AUTHOR COMMENTARY
I am mentioning this report for two reasons:
Firstly, it demonstrates the clear direction the economy is going. Commercial real estate is in a major depression right now. Since businesses and offices were forced to convert operations and communications from their homes, many people will not be going back to commercial real estate. Additionally, since businesses and restaurants have modified operations for delivery and “contactless pickup,” foot traffic has come way down. It also does not help when the government and health officials deemed these businesses “non-essential.”
But I also think the third paragraph and following quote represents where the remaining malls will be heading. If you have been following our economic, technology, and some of our prophecy reports, the wave of the future is autonomous cities, delivery, work, etc. To me, and I could be stretching it – forecast that that concept will fit in with the coming smart cities: having these center hubs that will be a little bit of everything. Kind of like a giant Walmart, Target, Amazon, Costco with smaller departments and kiosks they lend space to other businesses and the ‘Walmarts’ will get to scrape off the top.
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Let me know what you think of that prediction.
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Here locally a gym took the space of one of the big box anchor stores early on. They’ve survived the changes & thrive as a sort of new YM/YWCA with specializing trainers, daycare, youth & family areas. Masking is minimal & mostly just to check off state mandates, satisfy state demands as staff & most clientele not buying the ‘pandemic’ anymore. They see fitness as part of the necessity for weathering the ‘new normal’ in defense, & many 2-income or single parent families are turning to this for a means of spending time with children in the pressure-cooker, microwave society. Some as an alternative to the constantly promoted ‘anxiety’ & ADD/ADHD meds, etc. Good, bad & ugly. ———————————————————————————————————————————————————————————————————————————————————————– At least here the mall gym set-up isn’t attracting the predatory & plastic people/hookup types, thankfully, which congregates in a couple other gyms in the county, & it’s cheaper than the Y & less team-sport oriented. Though nothing matches God’s order of family & independent land management/farming, I see it as a mercy of God for some in trying circumstances, waking up on the way out of the world system & with potential as those involved aren’t totally given over on family, gender, etc. I’m sure it will be targeted as churches were by the usual uber-antichrist ‘activists’, but there are ways of meeting all the requirement & making it uncomfortable enough for wouldbe threats (discounts for law enforcement, first responders, family memberships, & legal concealed carry all help there…though we know what the only true & eternal solution is in Christ). —————————————————————————————————————————————————- The mall area (inside & out) is used for fit-walking /running etc with marked paths, while shopping is down to a Marshall’s and Kohl’s. Specialty shops & kiosks, restaurants are taking spaces remaining. ——————————————————————————————————————————————————————————————————————————————————————— There is a building boom complete with plexiglass & lumber shortages as restaurants, health related waiting areas, etc are taking necessary state-mandated steps to stay open. Others simply opted for carry-out….also requiring some building changes. Those in building trades are doing well for now, which helps all wage-earning families, though the new ‘infrastructure’ bill will kill that & pass it on to union cronies, killing the goose laying the golden eggs, if they go that route. You could buy a 2×4 for $2-$5 locally, now $8-$10 depending upon grade. ———————————————————————————————————————————————————————————————— We shall see. You undoubtedly have a point on global corporatist ownership, monopolies & franchises sucking as much out of that as possible, but areas with strong local ownership & local State families owning chains will hold out & weather that better than places already corrupted & given over like CA, IL, NY, NJ, PA, MI etc There is a lot of relocation going on.
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