Malls were once the center of the retail universe, a place to shop and gather with friends and family—a true retail destination. Over the past 20 years, malls have failed to evolve in the face of a changing retail landscape and shifting consumer preferences
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Even pre-COVID, many malls were in a troubled state, with:
- Vacancy rates reaching 9.7 percent—the highest in at least 20 years.
- Widespread store closures at mall stalwarts – Victoria’s Secret, J.Crew and Gap.
- Struggling anchor tenants often failing to draw traffic—JCPenney, Sears, Macy’s.
These struggles have been intensified by the COVID-19 pandemic, with malls across the U.S. completely shut down in the first days of the crisis.