Global Retail Alliance
info@gra.world
  • Login
  • Register
  • Newsletter
  • Virtual Library
  • Choose your country
    • Australia
    • Brazil
    • China
    • Poland
    • Latin America
    • Middle East
GRAGRA
  • Home
  • Membership
    • Silver
    • Gold
    • Platinum
  • Event
  • News
  • Retail Tour
    • Our Tours
    • Europe Retail Tour
    • Retail Tour – New York
    • Retail Tour – Düsseldorf
  • Contact
  • Home
  • Membership
    • Silver
    • Gold
    • Platinum
  • Event
  • News
  • Retail Tour
    • Our Tours
    • Europe Retail Tour
    • Retail Tour – New York
    • Retail Tour – Düsseldorf
  • Contact

Retail News

  • Home
  • Retail News
  • Here’s how America’s malls are changing

Here’s how America’s malls are changing

  • Categories Retail News, Top News
  • Date March 16, 2021
  • Comments 0 comment

Shopping malls across the U.S. have been reeling as restaurant and retail tenants struggle to keep their doors open.

Data compiled by Coresight Research shows about a quarter of U.S. malls could close over the next three to five years, accelerating a trend that began before the pandemic.

Simon Property Group — the nation’s biggest mall owner — said in February that its fourth-quarter revenue dropped by 24% on a year-over-year basis to $1.1 billion.

However, some analysts think Simon — with its portfolio of A-rated malls and a healthy balance sheet — will benefit as distressed malls operated by its rivals close their doors. The company is also expected to see gains from new additions like hotels and luxury residences.

“Unfortunately there are a lot of centers that don’t fit that high profile and that have lost their competitive edge,” said Piper Sandler analyst Alexander Goldfarb. “The thing about Simon is they’ve been really focused on maintaining it, and that’s both been through a combination of culling the lower productive centers as well as making sure that they keep investing in their top centers.”

Simon Property Group CEO David Simon said the company is also getting a lift as shoppers return to its malls and from tenants paying their rent on time after stores were able to reopen as pandemic restrictions eased.

Malls are a big tax driver for the communities they serve and employ lots of people locally. Watch the video above to find out more about the struggles U.S. malls face and what could become of them after the pandemic ends.

Source: CNBC

  • Share:
gsiino

Previous post

Why Costco may actually still win long after the pandemic ends
March 16, 2021

Next post

Amazon Fresh store opens at Wembley Park London
March 16, 2021

You may also like

Celine
Celine Shop-In-Shop Opening – Paris
15 March, 2023
Private-LAbels-fashion-luxury
Private labels: the future of luxury department stores?
6 March, 2023
EUROSHOP_2023_WEB-1200×857
Euroshop 2023! Top 75 Specialists & Key Highlights
4 March, 2023

Leave A Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search News:

News category:

News Archive:

Last News:

Celine Shop-In-Shop Opening – Paris
15Mar2023
Private labels: the future of luxury department stores?
06Mar2023
Euroshop 2023! Top 75 Specialists & Key Highlights
04Mar2023
TOTEME Shop-in-shop in Seoul
03Mar2023
Y-3 opens its first ever store Down Under
03Mar2023

© 2022 Global Retail Alliance | info@gra.world | Privacy Policy