A third of America’s malls are going to shut permanently by 2021, according to one former department store executive, as their demise is accelerated due to the coronavirus pandemic.
“The mall has been losing ground for a long time, now it’s losing ground faster,” said Jan Kniffen, a current retail consultant and former exec at The May Department Stores, which was eventually folded into Macy’s.
“The mall has been losing ground for a long time, now it’s losing ground faster,” said Jan Kniffen, a current retail consultant and former exec at The May Department Stores, which was eventually folded into Macy’s.
Key Points
- “The mall has been losing ground for a long time, now it’s losing ground faster,” said Jan Kniffen, a current retail consultant and former exec at The May Department Stores, which was folded into Macy’s.
- Initially, he was expecting roughly 33% of America’s malls to go dark by 2030. Now, Kniffen thinks that will happen by next year.
- There are still about 1,000 malls operating in the U.S. today, according to commercial real estate services firm Green Street Advisors.
RSK: Malls need to re-purpose....all that land and buildings can be used for other purposes such as housing, medical etc.
Ken Notes: I would add destination retail, dining and recreation to the mix...
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- - Volume: 8 - WEEK: 25 Date: 6/16/2020 9:13:14 AM -