Tuesday, March 17, 2020

Coronavirus Already Taking Big Toll on Urban Malls

The Wall Street Journal
Malls in dense, urban locations have in recent years have generally been more profitable than those in sparsely-populated areas, because foot traffic is typically stronger. But with the coronavirus spreading at a faster rate in metropolitan areas, many of these malls are poised to take a big hit. Some tenants, likely to be hurt by falling foot traffic and by orders from the authorities to close, may struggle to pay their rent.

Over the weekend, one of the biggest malls in the country, King of Prussia mall in the Philadelphia area, closed its doors on orders from local authorities. . . . more