Over 50% of malls with department stores could close by 2021, real estate services firm says
Department stores still represent about 60% of the anchor space within malls today, according to Green Street Advisors.
Green Street is forecasting more than half of all the malls anchored by department stores in America are going to close permanently by the end of next year. Up until the coronavirus pandemic, it has been years of "kicking the can down the road," analyst Vince Tibone said.Christopher Dilts | Bloomberg | Getty Images
First, the department store closes. Then, the apparel shops try to scoot out of deals. This is a one-two punch that could trigger a wave of malls shutting for good over the next 12 months. More than 50% of all the malls anchored by department stores in America could close permanently by the end of 2021, a new report by Green Street Advisors predicts. There are about 1,000 malls still open in the U.S. And roughly 60% of those have department store retailers, such as Macy's, as anchor tenants, the commercial real estate services firm said.
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