Search results for: dead malls

Karen Chappell

Why Are New Malls Being Built During A Retail Apocalypse?

With a record number of recent retail bankruptcies, and national waves of store closings, how is it that there are more malls being built or expanded? Construction on shopping centers and even on enclosed malls is at its highest level since the summer of 2008. Are real estate developers in denial? [More]

Nicholas Eckhart

As America’s Malls Wither, Medical Facilities Move In

If you’re looking to open a new medical facility — not just a couple of exam rooms and a reception area, but a proper clinic — you want something affordable, spacious, brightly lit, with good parking, and a central, convenient location. Thanks to the ongoing retail apocalypse, there are dead or dying malls around the country that fit this bill. [More]

Nicholas Eckhart

Deserted Malls Find New Use As Retail Call Centers

In order to keep bringing in the cash amid store closings, some malls have gotten a bit creative with their thousands of square feet of space, from leasing to doctor’s offices and supermarkets to using empty space as party venues. Some retailers are filling these empty mall spaces, but with call centers, not merchandise. [More]

Nicholas Eckhart

What Killed The Malls Of The ’70s & ’80s? Newer, Better Malls, Not Amazon

Why are American malls dying? Conventional wisdom often points the finger of blame at Amazon and a desire for shopping from home in your pajamas, but a new analysis claims that the real culprit is competition from newer, better malls that aren’t feeling the same pain as their withering forefathers. [More]

Mike Mozart

Here’s The List Of JCPenney Stores Closing This Spring

JCPenney has done the best job of all American department store chains at adapting to the new retail reality and recovering from a brief complete brand makeover under former CEO Ron Johnson, but that reality still means closing some of its stores. Today, the chain released the list of 138 store locations that it plans to close in the coming months. [More]

Phillip Pessar

The Right To Zombify The Limited Sells For $26.8M

The Limited closed its retail stores and its online presence earlier this year, but don’t worry: A well-known brand never stays dead for long. Sycamore Partners, a private equity firm that owns other familiar, once-troubled retail brands like Belk, Coldwater Creek, Hot Topic, Jones New York, Talbots, and Torrid, purchased the brand’s intellectual property and online presence. [More]

Nicholas Eckhart

Buying Up Dying Malls Can Be A Viable Business

We hear so often about the fading of brick-and-mortar retail that it might seem hard to believe that there are companies out there in the market to buy more malls. Yet there are buyers for distressed malls, even when the owners are about to walk away. There are companies that specialize in this kind of thing, and they aren’t tearing them all down or turning them into apartments. [More]

J.G. Park

Mall Owners Let Properties Go Into Foreclosure, Walk Away

It’s not hard to believe that the owners of malls might be looking to get out of the mall business. Developing shopping centers may have looked like a solid investment for most of the last 60 years or so, but now owners are calculating that it’s better to let them go into foreclosure than to try keeping them open. [More]

Galleria at Pittsburgh Mills/Facebook

Troubled Mall Sells To Its Own Lenders For $100

The Galleria at Pittsburgh Mills is pretty typical for a troubled mall: it opened in 2005, but is now financially distressed. It didn’t have enough customers to support its retailers. While the mall still has anchors like Macy’s, JCPenney, and Dick’s, it recently sold at auction for $100. Sort of. [More]

JeepersMedia

Foot Locker CEO Claims Malls Are “Far From Dead”

Maybe it’s just because Foot Locker had sales growth to report because people are snapping up higher priced- basketball and running shoes, but the company’s CEO seems to be in a very positive mood about the state of malls in the U.S., which is surprising at a time when other mall-based retailers are struggling. [More]

Nicholas Eckhart

Florida Church Raising Money To Revive Dead Mall

Due to changes in demographics and shopping habits, the American landscape is littered with dead malls. The Ponce de Leon Mall in St. Augustine, Florida, has closed the mall common areas and only its anchors with their own entrances have stayed open. One of those spaces is rented to a non-denominational church. Now the mall’s owner has offered the church the opportunity to buy the entire mall, and they’re raising money to make the down payment. [More]

Nicholas Eckhart

Sears Holdings Plans At Least 4 More Kmart Store Closures In May

After a tough year of losing half a billion dollars less than they did in 2014, Sears Holdings, parent company of Sears and Kmart, announced plans to close about 50 stores in the coming months. What the company no longer does is send out big announcements with lists of stores slated for closure, instead submitting local closings to local news outlets. That’s cool, but we’re a national news outlet that likes to pay attention to national trends, so we compiled a list for anyone who is interested. [More]

Companies Move Back To Cities, Abandon Suburban Office Parks

Companies Move Back To Cities, Abandon Suburban Office Parks

How many likely tenants are there for a concrete suburban office complex of 470,000 square feet? The owners of office complexes are having similar problems to the owners of malls, but for different reasons. As shoppers have moved either to ritzier malls or to shipping online, offices have moved back into cities. Both changes leave behind massive buildings or complexes that nobody wants. [More]

(Mike Mozart)

Finish Line Will Close 150 Stores Over The Next Four Years

Finish Line, a mall retailer that sells athletic clothes and sneakers, has had a rough year. Specifically, they’ve had supply chain and order management issues that began in the fall and lost them an estimated $32 million in sales. Today, the company announced that they’ll be closing as many as 150 stores over the next four years, almost a quarter of the chain. [More]

(Montgomery County Planning Commission)

Fewer Middle-Class Consumers Means Fewer Midrange Mall Anchors

Just in time for the holiday shopping season, there was a deeply symbolic changeover at the King of Prussia mall in the suburbs of Philadelphia. What used to be a large Sears department store has assumed its final form: it’s part Dick’s Sporting Goods store and part Primark, a fast fashion retailer out of Ireland. That’s just one mall that demonstrates a trend: the institution of the anchor store is dying out in malls. [More]

Nicholas Eckhart

Good News: Malls Where Rich People Shop Aren’t Dead

We’ve shared a lot of stories about dead and dying malls, and we wouldn’t blame you if you thought that the American mall is an endangered creature. Only it isn’t: high-end malls are doing just great. It’s malls in middle-class communities geared to middle-income customers that are suffering from high vacancy rates and failing tenants. [More]

Northland Center - the nation's oldest shopping mall - is set to close. (Google Street View)

Detroit-Area Shopping Center Goes From Nation’s Oldest Mall To Nation’s Newest Dead Mall

If you spend much time on Consumerist, then you’re probably aware of the current sad state of the world’s malls; from the former largest mall in the world being demolished to those full of fish or snow covered, it isn’t exactly a pretty picture. Today, we learn that another historic shopping center will soon trade in its purported title as the nation’s first regional shopping mall for that of the latest “dead mall.” [More]

Broken Skylights Turn A Dead Mall Into A Pastoral Snowscape

Broken Skylights Turn A Dead Mall Into A Pastoral Snowscape

In Thailand, when an abandoned mall lost its roof, it filled with water, which attracted mosquito larvae, and then neighbors stocked it with fish. In Akron, Ohio, an abandoned mall lost its glass skylights, which meant that in the winter the building filled with snow. Here is your post-apocalyptic winter wonderland. [More]