The death of the mall has been a meme long enough to have inspired an eponymous website, a documentary, and, with the onset of the recession, a slew of mall deathwatch trend stories. So...how much longer do these monstrosities have?
Well, we're happy to report that all indicators still show that the entire "mall" concept should collapse into rubble any day now! The latest figures, from the WSJ—first, the bad news, for malls:
- "Vacancies at large malls in the top 80 U.S. markets rose to 9% in the second quarter."
- Mall vacancies have increased steadily for nearly four years(!)."
- Lease rates at US malls fell for the seventh consecutive quarter.
- Plus, strip mall vacancies rose to nearly 11%, the highest rate in almost two decades.
- Lease rates rose in 11 markets; vacancy rates were down in 31 markets.
- Retailers are selling more at existing stores, which bodes well for survival, if not expansion.
[Photo via CLUI]