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Malls are a dying breed here in 2022. Yes some will survive but many more will need to shut down. The real estate under these malls is still valuable. What we are seeing and likely continue to is these properties turning into residential/business. But by business I mean stores, restaurants, not the traditional mall.
Mostly seeing empty big box stores in my area being divided up into smaller stores or torn down to build a newer strip mall with smaller units or a supermarket. Our old Toys R Us is a discount furniture store.
Our old outlet mall has a large childcare center, charter elementary school, and fitness center. The parking lot is where people park before loading up in commuter vans that take them to/from work (vans park there at night). One old Shopko became a furniture outlet, other a Hobby Lobby. Sears has been empty for about three years at the mall. K-mart became a farm/ranch/outdoor store (local chain). The other K-mart became a Burlington Coat Factory store. Those are the changes that come to mind right now.
Why are malls failing? One obvious reason is online shopping.
There are other reasons such as having to navigate around the entire mall looking to find the shops.
Finally, the real estate that many malls hold are poised for new development, residential and commercial within walking distance.
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