Though store closures were a problem before the coronavirus pandemic began, over the past 11 months, dozens of popular retailers have filed for bankruptcy or made plans to shutter locations all over the country. That`s problematic for malls (and their commercial landlords), which are facing a major vacancy crisis as a result.
Could classrooms soon take over malls?
Brookfield Properties (NYSE: BPYU) is repurposing a 70,000-square-foot former Sears (OTCMKTS: SHLDQ) location in Idaho Falls so it can be used as a charter school in fall 2021. A portion of the mall`s parking lot will also be converted to an outdoor play area for students. The Alturas International Academy will register close to 600 learners in total, and access points will be closed off so mall shoppers won`t be able to simply barge in while classes are in session.
...moreRSK: Another idea for empty mall space and I say why not? Many already have built in cafeterias in Food Courts, transportation is usually outstanding for the locations and plenty of parking lots for conversion to play ground area if needed.
Ken Notes: I like this idea especially as a school to work transitional facility. Apprenticeships in retail, food, and hospitality would be a great fit...
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- - Volume: 9 - WEEK: 9 Date: 2/23/2021 7:45:00 AM -