Coming To A Mall Near You In 2018: Craft Brewers, Children’s Theaters, Gyms And Other Unorthodox Uses
Malls are getting makeovers — so much so they might not be called malls anymore, or you might do a double take next time you stroll through one. U.S. retail landlords including Simon Property Group, General Growth Properties, Macerich and Taubman, which own some of the most profitable malls in America, are focused on redeveloping their properties and ditching antiquated occupants in the coming months. To be sure, many of these property owners don’t exactly have a choice. As department stores including Sears, Macy’s and J.C. Penney fire off store closure announcements and as countless specialty apparel retailers file for bankruptcy with plans to shrink their physical footprints, real estate investment trusts have to find replacements elsewhere, and quick. “We’ve weathered lots of storms one way or another,” Simon CEO David Simon said on a recent conference call with analysts and investors, discussing retail’s rough ride in 2017. Read more at CNBC.
