In The Retail Ice Age, Why Build A Supermall?
Retail nationwide is getting crushed. Thousands of stores have shuttered, with analysts predicting doom for hundreds more. But in the midst of all this turmoil, Florida is about to get a new megamall. How does that work? The Real Deal‘s Hiten Samtani sat down with Fox Business’ Stuart Varney to discuss the American Dream Miami project, which is being developed by Triple Five Group, the Edmonton, Canada-based developer behind the infamous American Dream Meadowlands in New Jersey. “This is an era of unprecedented growth in e-commerce,” Samtani said. “You’re seeing retail stores shutter all across the country – there’s one estimate that says 70 million square feet will be available – vacant – by the end of the year. In the midst of all this, they’re planning to build a 6.2 million-square-foot mall? I can’t make sense of that.” Read more at The Real Deal.
