In the coming years, hundreds of America’s roughly 1,100 malls are
expected to shut, as retail, restaurant and movie theater closures pile
up, and more people favor shopping on the internet over heading to the
store.
Key Points
- Turning
dead malls into fulfillment centers, apartment complexes, schools or
medical offices could mean massive writeoffs in property values,
according to a new Barclays report.
- Turning a shuttered mall
into an e-commerce warehouse or a residential complex could reduce the
value of the property anywhere from 60% to 90%, the firm said.
- The firm predicts 15% to 17% of U.S. malls will need to be redeveloped into other uses longer term.
RSK: Not only will it devalue but if converted to apartments etc. it will cost a pretty penny to convert.
Ken Notes: Try first to create destination retail at the site. Then mixed use for abandoned anchors. Finally fulfillment / housing...
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- - Volume: 8 - WEEK: 43 Date: 10/20/2020 8:36:43 AM -