The future of real-estate Mall Vs Strip center; Dine, Shop, Work and Play where you Live
Dear Friends,
Analysts estimate that 1 out of 4 malls in the US will be out of business by 2022 (A good reason not to enter into ANY long term leases in ANY malls.) because of (1) victims of changing tastes (2) a widening wealth gap and (3) online shopping for everything. The mall has been a workplace and a gathering place. Since the first enclosed mall opened 62 years ago, the mall has been where the middle class America went for far more than shopping.
It was the home of first jobs, blind dates, family photos and everyone could walk through the doors and find something they all liked. The mall has been America's public square. The mall decline began slowly in the mid 2000's. The rise of on line shopping and the blow of The Great Recession led to a drop in sales and foot traffic at big brand stores that anchored many of the country's malls.
Between 2010 and 2013 mall visits during the holidays, the busiest shopping time of the year, dropped by 50%. We are over retailed-in 2017 there was an estimated 26 sq ft of retail for every person in the US-compared with about 2.5 sq ft per capita in Europe. Malls were built for patterns of social interaction that are quickly disappearing. Younger Americans look at malls as their parents' generation, not theirs.
Great examples please are:
The Hardy Yards development coming up in the near NorthSide Houston and Yes The Hudson Yards in NY City, A must visit while in New York.
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If you have any questions, please do not hesitate to reach out to my email at yenny@yennymattei.com
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