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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