About 20% of 1,000 US malls will close or go through a "major repurposing," but "the American mall is not, in fact, dead," according to a new analysis from Moody's Analytics.
Moody's predicts that one-fifth of American malls will either be renovated, repurposed, or razed to make way for new properties. But what about the remainder? Well, they'll survive. But to thrive, Moody's maintains, they'll need to be "well-located and maintained to a high standard, attracting a mix of quality and on-trend tenants necessary to create a critical mass."
What's more, gone are the days of "local" retail clusters: these are instead yielding to modern, large developments near transportation hubs. To lure customers away from the convenience of online shopping, experiential in-person shopping experiences are critical.
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