But the nostalgic side of me wants malls around forever. I grew up across the street from the Green Acres Mall, and have fond memories of the arcade where my grandmother would take me, and the places we would eat. I even worked in the Sam Goody there in the late 1980s. My wife and I took my son to the Sunrise Mall all the time, always stopping to get a toy if he behaved. That mall was just sold for 20% of its 2005 purchase price.
There is some recent good news, however, as the nation’s largest mall owner Simon Property Group is seeing shoppers return to its malls.
They also say tenants are starting to pay their rent on time. But some analysts think large owners like Simon are benefiting from many of their rivals shutting down.
Expect drastic changes if malls are going to survive. Many owners will try to convert unwanted space into fulfillment centers, apartments, and anything else local governments will allow.