The death of U.S. malls is being greatly exaggerated, say retail real estate professionals as they gathered in Las Vegas for RECon, the industry’s biggest annual gathering.
Brick-and-mortar retail sales far outweigh online sales, chains such as Best Buy are still opening stores, “savvy” investors are scooping up mall debt and demographics are promising, they say.
But these more sanguine comments come as one national retail chain after another announces closings, depriving malls of anchors and rents. Several thousand retail stores are expected to close this year, jeopardizing the health of shopping centers.. . . more