3 ms·
Having worked for a major mall owner many years ago, this is the primary reason why malls 'fail' and was completely omitted by the article. Shifting demographi
by asharpe 13y ago
Having worked for a major mall owner many years ago, this is the primary reason why malls 'fail' and was completely omitted by the article. Shifting demographics affect Malls in both ways: the design and build of a Mall serving a low socio-economic area is significantly different from 'A-Class' Malls as they are now known.
Where I worked, they had taken a multi year (decade actually) play to purchase two older malls in socio-economic areas that were trending down. They then acquired the land only a short distance (relatively) in a burgeoning new upmarket area and was able to build a new Class A mall (without objections from the other malls ... that they already owned). They then migrated the higher end stores to the new mall and began to close one of the old malls (and were actually able to sell them off!!!). This is evolution, not the death of Malls.