Friday, May 4, 2018

What Will Happen To All That Failed Retail Real Estate?

CheatSheet
Have you heard? Shopping malls are on the way out. Reports calculate that more than 90 million square feet of retail space is set to close in 2018, and closures may eventually surpass the 105 million square feet that shuttered in 2017. The slow death of America’s retail space is nothing new, unless you’ve been living under a rock. Shoppers just don’t shop like they used to. Empty retail malls liter the streets leaving many of us to ponder what can be done with all that prime — at one time — real estate up for grabs.

Developers are getting creative, retrofitting these empty stores in brilliant ways. Some have been successfully repurposed as new schools or additional campus space for local community colleges. Others are going for a much more productive approach. What can you expect in your community moving forward? . . . more