U.S. Malls Haven’t Been This Empty Since 2012
U.S. malls haven’t been this empty since 2012, when the retail industry was clawing its way back after the Great Recession, according to a new report from real estate research firm Reis. The vacancy rate at regional and super regional malls reached 8.6 percent in the second quarter of 2018, based on a survey by Reis of 77 metropolitan areas across the country. That was up from 8.4 percent in the prior period, and a high not seen since the third quarter of 2012, when the vacancy rate was 8.7 percent. The news comes as more consumers shop online and Amazon steals market share from traditional retailers. The industry’s been struggling to survive, with many companies closing physical stores or reorganizing altogether in bankruptcy. Some haven’t made it at all. It’s put millions of square feet of store space back on the market this year, much of that within shopping malls. Read more at CNBC.
