Mall vacancy rate in the United States rose from 10.5% in the fourth quarter of 2020 to 11.4% in the first quarter of 2021, according to Moody’s Analytics.The fall of 90 basis points is the highest decline ever recorded in the sector, surpassing the 80 basis point slide recorded in the first quarter of 2009 during the Great Recession.
Malls all across the U.S. were impaired by shutdowns and stores closed by bankrupted retailers such as Neiman Marcus, Brooks Brothers, Lord & Taylor, and Modell’s Sporting Goods. Movie theater chains like AMC and Regal have re-opened, but only to limited, socially distanced audiences. Butler Enterprises announced just this week that the Regal Cinema at its massive center in Gainesville, Fla., would be re-opening on April 23.
RSK: Not surprising and many a mall will have to repurpose. The land is more valuable than the structure in many cases.
Ken Notes: There has to be a reason to visit the mall, what is the experience vs. online, see the Dicks article...
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- - Volume: 9 - WEEK: 16 Date: 4/13/2021 8:15:04 AM -