High Vacancy for Malls is a Problem for Most in the U.S but Not so Much North Texas
Malls in the United States are showing an increase in vacancies but for North Texas they are doing a little better. The malls that survive are doing do by adapting to the changes.
Dallas Business Journal states “While the move to online shopping and companies such as Amazon have been blamed for the downfall of certain big-box retailers and malls generally, experts say issues like debt have also been major reasons why large mall tenants are going bust. But as these large spaces become vacant, experts say unique opportunities arise to fill them.”
Sears stores are an example of opportunities for malls across the country. The closing of Sears stores left an empty space for prime real estate properties. Many malls could use the space to draw more people in by leasing that property for entertainment, restaurants, gyms, grocery stores and many other ways to redevelop.
Redeveloping spaces is the key to surviving the increase of vacancies. While there will still be a decline in occupancies throughout the country as long as property owners are willing to adapt to change malls can still survive.