A quarter of America's malls are expected to shut down within 5 years, study finds.
Coresight Research estimates that 25% of America’s approximate 1,000 malls will close over the next 3-5 years, and of course, the coronavirus pandemic has accelerated this inevitable demise that was already underway.
According to the Coresight Research results, Coronavirus has resulted in an accelerated fall of malls in B, C and D markets that were already struggling to survive before the pandemic.
For those wondering, Coresight Research focuses on disruptions between physical and digital retail. Through this focus, the research company predicted that up to 25,000 stores will close by the end of 2020 and that more than half of those closures will happen in malls. Additionally, within the next five years, this trend will result in the end for as many as 300 of the 1,200 malls currently in operation in the United States, the report said.
Earlier this year, it was reported that empty spaces at malls (resulted from store closures) would be possibly be converted into Amazon fulfillment centers. That comes after Simon Properties is reportedly in works to fulfill that with Amazon.
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