The medium-sized and generic, forgettable malls are going the way of the dinosaur, just like the Main Street, family-owned stores those same malls once put out of business.
American retailers are going bankrupt at the fastest rate since the Great Recession. Many are sitting on mountains of volatile debt. J.C. Penney, Sears, Abercrombie & Fitch, GameStop, and others are shuttering locations left and right.
As Business Insider recently put it, dying shopping malls are wreaking havoc on suburban America. As they close down or fall into disrepair, shopping malls are, “in some cases, leaving jobless communities and rotting buildings that are hotbeds for crime in their wake.”
The commercial real estate firm CoStar “estimates that nearly a quarter of malls in the US, or roughly 310 of the nation’s 1,300 shopping malls, are at high risk of losing an anchor store.”