100’s of U.S. shopping malls on the verge of closing
Like we didn’t see this one coming from a mile away. According to this Business Insider report, 100’s of C and D level malls are on the verge of closing.
Hundreds of shopping malls in the US are at risk of closing.
Since the start of the year, more than 1,500 store closures have been announced by retailers including JCPenney, Macy’s, Sears, American Apparel, The Limited, and Abercrombie & Fitch. Most of the closures will happen over the next several months.
The nation’s highest-performing malls, which are characterized in the industry as “A” and “B” malls, should be largely insulated from the fallout.
These shopping centers, which represent about 30% of malls in the US, are already battling declining customer traffic, falling occupancy rates, and low sales productivity, according to the real estate research firm Green Street Advisors.