Following a first quarter of 2011 that saw mall vacancies rise to 9.1 percent, the second quarter was no kinder, with the vacancy rate inching up to 9.3 percent. Strip malls are having an even tougher time keeping tenants, with 11 percent of storefronts sitting empty.
Reuters relays the bleak numbers — the highest since 1990 — from Reis, a real estate research firm. Says a Reis senior economist:
“Even though we’ve been out of a recession for two years, there aren’t a lot of jobs out there, and people are still risk adverse. That’s depressing demand for both retail goods and retail space.”
What stores have disappeared from your malls?