Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I don't have the exact stats whether any new malls have been built or not, but they do serve a purpose in many parts of the world, for example where the weather is particularly bad/cold most of the year such as in the Northeast.
Today, malls across the U.S. are dying. No new enclosed mall has been built since 2006, and Lewis predicts fully half of all our malls will close in the next 10 years. Source: A dying breed: The American shopping mall - CBS News
I disagree that they serve a purpose, and this is my opinion which may or may not jive with everyone else's (but the fact that malls are dying, I think I'm in the right here). Honestly, I think that America had a love affair with the mall concept but the novelty finally wore off about 15 years ago. Here's the problem, yes everything is enclosed, but do you hit every single store? If so, I'm sure you're in the minority. I'd rather go somewhere, find a parking spot and go directly to the store I intend to go to, rather than find one of 5 entrances and walk through crammed common areas. But that's just my two cents.
Today, malls across the U.S. are dying. No new enclosed mall has been built since 2006, and Lewis predicts fully half of all our malls will close in the next 10 years. Source: A dying breed: The American shopping mall - CBS News
I disagree that they serve a purpose, and this is my opinion which may or may not jive with everyone else's (but the fact that malls are dying, I think I'm in the right here). Honestly, I think that America had a love affair with the mall concept but the novelty finally wore off about 15 years ago. Here's the problem, yes everything is enclosed, but do you hit every single store? If so, I'm sure you're in the minority. I'd rather go somewhere, find a parking spot and go directly to the store I intend to go to, rather than find one of 5 entrances and walk through crammed common areas. But that's just my two cents.
So, is this post true or is the one two above it true. They both can't be.
Today, malls across the U.S. are dying. No new enclosed mall has been built since 2006, and Lewis predicts fully half of all our malls will close in the next 10 years. Source: A dying breed: The American shopping mall - CBS News
I disagree that they serve a purpose, and this is my opinion which may or may not jive with everyone else's (but the fact that malls are dying, I think I'm in the right here). Honestly, I think that America had a love affair with the mall concept but the novelty finally wore off about 15 years ago. Here's the problem, yes everything is enclosed, but do you hit every single store? If so, I'm sure you're in the minority. I'd rather go somewhere, find a parking spot and go directly to the store I intend to go to, rather than find one of 5 entrances and walk through crammed common areas. But that's just my two cents.
Especially since most of the stores you would visit have a significant online presence, why would I want to go into a store when I can have the stuff shipped directly to my house (other than maybe to return something I ordered online and no longer want). Why would I want to waste my time navigating the parking, the crowds, having to overspend to support mall rents?
I think it may be more accurate to say that malls are "right-sizing". They're loosing popularity for many of the reasons posted here, but they've also got a purpose. It's no longer the mall or nothing, so malls are finding their space in the new landscape of commerce.
I fully believe that Crabtree and perhaps Southpoint will hang on for the long term but smaller, more remote, with less attractive anchors (or whatever) will continue to fall away. There's room out there for *some* malls, but just not all of the ones that were built when malls were the only way to shop.
This article mentions that only 3 major malls have been constructed since the recession. It'd be interested to see where these are and if the mall cannibalized or replaced another mall.
Triangle Town Center's mortgage went into foreclosure (again) in December. It was "transferred to a special servicer" in September, when the owners notified the lender that they would not make December's balloon payment. https://info.trepp.com/trepptalk/fiv...-december-2018
This news prompted me to look into the original mall's operating agreement, which is on file with the Wake Recorder of Deeds. The private agreements between each of the department stores and the developer aren't on file, but the covenants run for 55 years -- even if one of the parties defaults. It was also surprising to see that adding new uses to the mall requires sign-off from all the anchors, including the recent hotel addition.
Operating agreements are typical in retail leases, and can require a retailer to stay open even if an individual store has been slated for closure: https://www.gsblaw.com/northwest-rea...tion-covenants
A Sears or Penney can more easily plead hardship on these, but Saks would have a hard time convincing a court that they have to default on an agreement.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
