Tech
Why U.S. Malls Are Disappearing
Shopping malls in the U.S. were already in decline before the Covid-19 pandemic as consumers shifted away from traditional brick-and-mortar stores to e-commerce. The outbreak has only exacerbated the challenges at malls as social distancing has placed restrictions on stores, movie theaters and restaurants. So what will become of malls in America after the pandemic ends?
Shopping malls across the U.S. have been reeling as restaurant and retail tenants struggle to keep their doors open.
Data compiled by Coresight Research shows about a quarter of U.S. malls could close over the next three to five years, accelerating a trend that began before the pandemic.
Simon Property Group — the nation’s biggest mall owner — said earlier this month that its fourth-quarter revenue dropped by 24% on a year-over-year basis to $1.1 billion.
However, some analysts think Simon — with its portfolio of A-rated malls and a healthy balance sheet — will benefit as distressed malls operated by its rivals close their doors. The company is also expected to see gains from new additions like hotels and luxury residences.
“Unfortunately there are a lot of centers that don’t fit that high profile and that have lost their competitive edge,” said Piper Sandler analyst Alexander Goldfarb. “The thing about Simon is they’ve been really focused on maintaining it, and that’s both been through a combination of culling the lower productive centers as well as making sure that they keep investing in their top centers.”
Simon Property Group CEO David Simon said the company is also getting a lift from increasing traffic at some of its locations and from tenants paying their rent on time.
Malls are a big tax driver for the communities they serve and employ lots of people locally. Watch the video above to find out more about the struggles U.S. malls face and what could become of them after the pandemic ends.
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Why U.S. Malls Are Disappearing
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Credits:
Produced and Edited by: Lisa Setyon
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Narration: Magdalena Petrova
Production support: Magdalena Petrova, Erin Black, Shawn Baldwin
Camera: John Beatty
Animation: Jason Reginato
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@WLyons9856
January 29, 2024 at 9:47 am
Malls aren’t dying, the stores that were in malls are dying.
@david51532
January 29, 2024 at 9:47 am
why aren't we using the empty malls for housing?
@jaya-squishiehuntr019
January 29, 2024 at 9:47 am
I like going to malls💜👍
@EricPham-gr8pg
January 29, 2024 at 9:47 am
Is mall or airport which one is better for mobile team ? 🤔
@EricPham-gr8pg
January 29, 2024 at 9:47 am
Mall are best for hightech corporation do research in everything from basics to large logistic and good for mobile team shelter and clean up or give it to the homeless
@jackilynpyzocha662
January 29, 2024 at 9:47 am
This is sad; Eastfield Mall in Springfield, MA is(or has been) demolished. I grew up going to that mall.
@jackilynpyzocha662
January 29, 2024 at 9:47 am
It isn't just because of the online shopping, "Covid-19" did not help matters.
@deborahharris4035
January 29, 2024 at 9:47 am
It's really sad how the world is changing and Amazon has taken over and malls will be a thing of the past. I don't know about the future for our grandkids and all these changes with social media it's just really sad
@mgk920
January 29, 2024 at 9:47 am
Whenever I hear 'pandemic' (or similar word or words), the first thing that comes to my mind is 'politicians with a personal agenda'.
@ryan2130
January 29, 2024 at 9:47 am
If you want to know why nobody goes to malls anymore, take a look at the places people do go to: Walmart and Amazon.
Walmart is a department store, meaning it sales different types of items in different sections of the store (tools, electronics, food, etc). Amazon, too, sales different types of items.
People don't go to malls anymore because they don't have to.
Malls could attract people again, provided they start to offer experiences you can't get elsewhere. Malls should lower prices, too, that would help attract people.
@geechie-don7157
January 29, 2024 at 9:47 am
People got tired of looking like everyone else around town. Catalog shopping in order to look different was replaced by Internet shopping. Distribution killed malls…
@jacque4697
January 29, 2024 at 9:47 am
Amazon and the rise of online shopping.
@Retsler54
January 29, 2024 at 9:47 am
It seems one problem is the stores in the malls do not co operate by sharing the ownership of the space? So outsider foreign owned are the owners and try to get the highest rent possible and the stores of the malls cannot cope with it.
@HoppyRabbit101
January 29, 2024 at 9:47 am
Why spend a ton of money at the mall when you can spend a fraction of the price online on products that are way higher in quality.
@robertnobody
January 29, 2024 at 9:47 am
The answer is oblivious, it was right in front of you the whole time…..The INTERNET killed malls and people stopped shopping at them.
Everybody cries afterwards, but you did it to yourselves, the customers killed malls by not supporting their local stores and buying everything off the internet.
@user-vn1ow4hi7i
January 29, 2024 at 9:47 am
Macaroni grills and toysrruses ar closing to 1:27
@user-vn1ow4hi7i
January 29, 2024 at 9:47 am
No I miss Westminster mall
@lazarusblackwell6988
January 29, 2024 at 9:47 am
I havent been to the mall in a long time.
I just dont feel like wasting my time there.
I shop in small village stores.
@lazarusblackwell6988
January 29, 2024 at 9:47 am
Malls are a symbol of mankinds greed and waste of money and resources.
So many family shops were closed so that the big corporations could binge for a while.
@NewCoke-PepsiMan84
January 29, 2024 at 9:47 am
Read the comments. Mostly full of sheep 🐑
@NewCoke-PepsiMan84
January 29, 2024 at 9:47 am
US is dying in general
@ilovegodandjesusjohn316
January 29, 2024 at 9:47 am
John 15:5
I am the vine, ye are the branches: He that abideth in me, and I in him, the same bringeth forth much fruit: for without me ye can do nothing.
@dlagrua
January 29, 2024 at 9:47 am
I always intensely disliked malls and am thrilled to see them go. Malls were a curse to humanity and I will tell you why. What they did was to bankrupt the smaller ma and pa retailers that existed on Main Streets of the small towns and replaced those retailers with those owned by the multi-national corporations.
@Inucroft
January 29, 2024 at 9:47 am
1) Car dependency
2) Collapse of the middle and lower class disposable income
3) Lack of actual variety within the malls
4) Extortionate rates charged by the Mall to storeholders
5) Oversupply of Commerical Space resulting in an overabundance of Malls
@TWOCRUNK4U
January 29, 2024 at 9:47 am
The internet cut out the middle man
@emmanueljaramillo
January 29, 2024 at 9:47 am
Where I live (Colombia) malls only work if they have a major groceries store in it. Actually their whole marketing strategy is telling people which groceries store they have so people can think of going there. Since people does not have a lot of money, groceries is a main issue. Malls know that and focus on that necessity. Buying clothes is a side activity for the regular consumer. And since groceries are the core of the malls and groceries cannot be bought on Amazon, therefore malls in Colombia are conceptually secure despite the raise of E-commerce. Also there is not a so Internet dependent culture in my country, so rich people tend not to buy too much from amazon (despite being able to). They rather go to buy the object by themselves.
@leorodriguez5015
January 29, 2024 at 9:47 am
People prefer to buy online cuz they’re so fat and lazy
@julyseven808
January 29, 2024 at 9:47 am
People are buying online. Malls are dying but discount stores and dollar stores are doing OK.
@KBlessed69
January 29, 2024 at 9:47 am
Flash Mobs will be the death of U.S. Malls…
@tirebiter1680
January 29, 2024 at 9:47 am
When your average democrat walks through an empty mall, he thinks there are 2 uses for this place. That big parking lot is a place for hundreds of homeless veterans to pitch their tents and the empty stores can be made into homes for thaosands of illegal aliens.
@unknownuser6757
January 29, 2024 at 9:47 am
Not good
@thiemgiaminh8533
January 29, 2024 at 9:47 am
Amazon & EBay take all
@m.c.o.3068
January 29, 2024 at 9:47 am
This mini documentary, is an interesting short history and summary of current U.S. shopping malls.
– The documentary almost calls attention to the lost opportunities to re-develop under-used shopping malls.
Internet retail shopping and even grocery shopping – is more time efficient and provides customer reviews as well as easy comparison shopping.
Malls however, are still carefully designed, covered spaces, with large graded parking lots; and importantly, malls are specifically located in population centers.
True enough, there is less on the ground local shopping.
However, there are still as many on the ground local errands.
Families with two working parents, are challenged by the time and effort involved in these errands.
The "retro" shopping malls would serve a useful purpose if they could be developed as ERRAND MALLS.
Errands such as:
internet ordered grocery pickup – trattoria style hot meals to go – internet orders, unboxed pickup (packaging recycled) – child daycare drop off and pickup – elder day room drop off and pick up – a home health care "spa" (with an elder barber, hair stylist, bathing assistance, hearing aid, podiatrist etc.) – an urgent care exam room – an elder lunch room – dry cleaning pickup – excercise machines gym – etc., all planned as age and activity associated areas within the mall.
Re-developed malls could be planned and designed to make routine errands convenient.
The malls would evolve from a former, pleasant chaos to a current, more focused activity, but still pleasant, familiar environment, and a useful community errand center.
@Alejandro67317
January 29, 2024 at 9:47 am
I miss the mall near my house it use to be my childhood place
@undecidedmarkus
January 29, 2024 at 9:47 am
Namdar is one of the reasons..