NORWALK, Conn. – The rumored death of malls make for good conversation in Norwalk.
News articles about the decline of brick and mortar retail are routinely posted on Facebook; links are forwarded by email.
The skepticism includes a Bloomberg news article sent last week to NancyOnNorwalk, with the headline, “Malls ‘Will Never Be the Same’ as Retail Gloom Triggers a Reboot”.
The story leads with the news that GGP has allowed its Lakeside Mall, outside Detroit, to be foreclosed on.
GGP CEO Sandeep Mathrani, in last week’s earnings conference call, called that “consistent with our strategy of continuously pruning the lower quality of our portfolio,” according to a Seeking Alpha transcript.
Bloomberg’s story about the death of malls explains that options for the ill-fated Lakeside Mall include apartments, hotels or restaurants.
As an example of the shifting landscape, Bloomberg quotes Mark Toro, a partner at North American Properties, as saying that the company’s plans for an 85-acre development outside of Atlanta have changed repeatedly since 2011, morphing from its original shopping center vision to residential uses along with office space and a conference center.
“We concluded that shopping centers are dead and gone, and the only way to create value in retail real estate is to fabricate a street experience,” Toro is quoted as saying.
Other news articles, as posted on Facebook:
Nordstrom Family Weighs Taking Retailer Private, The Wall Street Journal, June 8
The Mall of the Future Will Have No Stores, The Wall Street Journal, June 12
Up to 25% of U.S. shopping malls may close in the next five years, report says, the Los Angeles Times, June 1
The retail apocalypse is changing what it means to be a teenager, CT Post, May 24
The Internet Isn’t Killing Shopping Malls—Other Malls Are, The Wall Street Journal, April 18
How to Survive a Retail Meltdown, City Lab, April 30
“The Retail Bubble Has Now Burst”: A Record 8,640 Stores Are Closing In 2017, Zero Hedge, April 22
The Whole ‘Malls Are Dying’ Thing Is Getting Old, Say Mall CEOs, Bloomberg, April 7