The Demise Of America’s Malls Can Deal A Blow To The Towns That Depend On Them

The coronavirus pandemic is speeding up the demise of America’s struggling shopping malls, which could deal a devastating blow to some towns that depend on them. When a mall goes dark, a community loses more than just a place to shop and grab a slice of pizza at the food court’s Sbarro. In many neighborhoods, the mall is an economic engine, hiring hundreds, if not thousands, of workers and providing a significant amount of dollars to the local tax base. Malls and shopping centers across the country provide $400 billion in local tax revenue annually, according to the International Council of Shopping Centers, the retail real estate industry’s trade group. And there are about 1,000 malls — both privately and publicly held — still operating in the U.S. today, according to commercial real estate services firm Green Street Advisors. Read more at CNBC.