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The Future of Malls: Reinvention

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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.

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