How U.S. Malls Survived The Death Of Department Stores
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- เผยแพร่เมื่อ 15 พ.ค. 2024
- The American mall is alive and well.
Department stores - which were historically the most important real estate in American malls - are a different story.
U.S. department stores are struggling to compete against new online direct-to-consumer competitors and smaller brick-and-mortar retailers that have been able to keep up with the ever changing demand of consumers. And this is causing familiar retailers like JCPenney, Sears and Macy's to close, the latter of which recently announced it would close up to 150 stores.
"The ones that are closing are underperforming or have lost their own way with the customer," said Michael Guerin, EVP of leasing at Macerich. "The brand is not working for one reason or another. So it's hardly impactful to us when you have an obsolete situation or a brand close."
Top-tier malls, known as class-A malls, are pivoting toward an experiential model, replacing department stores with grocery stores, casinos, gyms, ice skating rinks and, in some cases, even residential apartments.
The shift in strategy has been working. Malls have bounced back to near pre-pandemic occupancy levels as customers seek out experiences. Mall owners are also capitalizing on the omnichannel strategy bolstering stores' online presence in addition to their brick-and-mortar stores, creating a halo effect for retail sales.
All malls aren't created equal, however. Lower-tier malls are feeling the effects of department store closures more acutely as inflation and economic pressures increasingly split consumers into two categories: luxury shoppers and discount shoppers. That's also causing a split in the fortunes of America's oversupply of malls, with affluent consumers flocking to higher-end malls, bargain-hunting shoppers heading to strip malls, and little left in the middle.
"Those who are calling for the demise of the mall might have been premature. But stepping back, there are probably still too many malls in the country," said Haendel St. Juste, senior REIT analyst at Mizuho Securities. "There were, you know, last, by most estimates, around 1000 malls a few years back."
Watch the video above to find out more about how malls survived the death of the department store.
Chapters:
0:00 Introduction
Ch. 1. The end of the anchor department store?
Ch. 2. How malls pivoted
Ch. 3. What’s next?
Produced by: DeLon Thornton
Edited by: Tim Hurt
Graphics by: Christina Locopo
Supervising Producer: Jeff Morganteen
Additional Footage: Getty Images
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How U.S. Malls Survived The Death Of Department Stores
The Mall need to evolve to be more of an entertainment hub then endless shopping
Entertainment and food hub, that's what I go there for already
They need to convert X amount of EMPTY retail space into AFFORDABLE living spaces. The FACT that these mall owners don't already do this just proves how RIGGED this system is to keep everyone paying rent for a property they won't ever own and keep property prices higher than they need to be.
@@Angultra People will definitely go there. A food court with some restaurants. Even better, revive the arcade scene by adding arcades.
@@rockstar6790 some malls have started this already. Ive seen a few in NY that have pretty large arcades😊
There is another factor. Until the late 90s, people had no "online life". They met and did things. Going to the mall even if you had nothing particular to buy was something people did back then but much less nowadays.
*Essentially, American malls are getting Asian-ized. Malls in many Asian countries, especially South East Asia, are a place for many experiences, from shopping, to eating out, groceries, movies, entertainment, games, sports, fitness, residential apartments on top of the mall, etc.*
Can confirm. Went during lunar new year and it’s clear
@@DubsBrown did you went with your boyfriend
That's how it was in the '80s and '90s as well, with the exception of residential apartments which have never been popular in malls in the US. Going to the mall as a kid and playing in the arcade or going ice skating or roller skating, and going to music, toy store, and video game stores all under one roof was like heaven. In the late 2000s, most traditional mall retailers that weren't clothing stores went out of business. That's how we got to where we are.
@@bchristian85 I'm thinking the lack of residential was more due to zoning ordinances than lack of popularity.
You must be thinking about Strip Malls b/c regular American Shopping Malls have always been that way💯💯💯 I'm not that old but I've been around long enough to know this tho.
Funny thing is the original architect behind malls, Victor Gruen, intended them to be community centers not just shopping...so this adaptation is actually them going back to their original intent
Another thing that is impacting mall recovery is location. Where regional malls have mostly recovered their patrons, downtown malls have not.
I agree big cities don’t really need malls because they have traditional shopping districts. Without some other pull malls in those areas cant really compete.
@@krist-yonnarain7786 Most big cities have good successful suburban malls, they are just not downtown. I think for most people, malls are a destination. Downtowns are already their own destination with shops and restraints and don't really benefit from a mall.
"American need for retail therapy"? Or, as George Carlin put it, buying the stuff you don't need with the money you don't have.
To impress people you DON'T like!...
America has for decades been overretailed... the Sq Ft per person was like 8 times that of Canada or UK. The retail apocalypse was always coming and the rapid growth of online retail made it more imminent. Combine with COVID, WFH, crime, and you have a perfect storm.
@@kyleklmondwa9042 and people that you want to like you even though they probably don't
Worked for Sears 18-23 (08-2014) When I quit, the store closed within a year and a half later at the mall I was working at. Sears didn’t want to adapt to the changes of online shopping really
Indoor malls aren't dead; they are readjusting to the demand. In most U.S. cities that have decent economies and where crime isn't too high, they normally have at least one or maybe up to two indoor malls in their area that are performing well. The rest in their area are dying because they aren't needed anymore. In my city in the early 90s, we used to have six indoor malls in my area. Two have died in the past 15 years and were eventually demolished, two were combined into one and is currently performing decent, one is in hospice care economically, and the last one is honestly doing very well to this day.
The King of Prussia Mall is a higher-end mall just outside of Philadelphia is huge and it’s still growing!
As a Philadelphian, I can confirm that the KOP hasn't suffered at all with this downturn.
I think malls should focus on bringing in new smaller stores from local vendors to try and allow more competition.
I agree with you
They can’t afford the rent, that’s the problem with malls to begin with, other than being placed in areas that became poorer crime ridden neighborhoods and thus became unsafe. It’s a great idea though.
@@chuddslagg The fees are astronomical. Lights, security, etc., as part of a mall are extra besides rent. In my area, KOHLS is walking away from malls and building some stand alones now
Dying malls always have the local vendors. They are just not good enough to draw people in. People like familiar names.
On Asia country all The Mall is huge and survive because they're all ONE STOP SERVICE, people don't have to drive and go difference places to done all things ... in The Mall they include everything you can imagine. they all included ---> multiple Bank + Super Market / Hyper market + Theater + Restaurants + cloths + fun park + Clinics (Skin clinic, Spa etc) + etc.
Ok, American Malls been that way, at least the Malls I've been too. Asia copied off of our mall structure.
@@AprilHarmony9 YES copied and make it better in every way,, so much variety. even Hospital in Asia it's one stop service, Faster service with more care. Cheaper cost its a plus..... i feel sad cause i love Nordstrom but i need more service from them, however ! ill still support offline market and our economy
@@AprilHarmony9where? Most “malls” that have everything..they do not have it inside one building! They have surrounding buildings, some with large parking spaces and between highways that you cannot walk to. I live in jersey city and we have a mall, banks and supermarkets are close by(with very short walking distance because not everyone uses their car, we rely more on public transport and walking)but again not inside the same building. Back in my country the malls do have supermarkets in the basement, as stores like Home Depot and car dealers, the rest of the floors are for clothing, banks, doctors, cinema and restaurants, all inside one building,
It's fascinating to see how malls are adapting to the changing retail landscape, especially with the shift toward experiential models. This evolution highlights the importance of staying agile and responsive to consumer preferences. 🛍
You're kidding yourself... No one is adapting... There are wealthy investors who are taking this opportunity to take out loans on projects they know won't work... Simply Google Metro Center Arizona if you want to get the true story on the ground about what is happening with malls
@luke5100 cheers man!
Sure malls may still be alive after their department store limbs are being chopped off, but that doesn't mean they aren't still bleeding out a slow death.
Companies stopped being competitive, prices are outrageous, they are killing themselves.
3:27 wait how old is this footage if radioshack is in it?
I work in a dying mall and it’s pretty sad looking at so many stores closed.
People are getting poorer while department stores offer Amazon products at higher prices. No wonder malls are struggling.
How about we build mixed-use walkable neighborhoods again where residential and commercial spaces can co-exist rather than continuing to build these tacky enclosures of consumerism surrounded by a parking moat?
Hahaha ikr
That’s seems genius
When Chilean department store Falabella left the Argentinian market, some experts predicted it would be a death sentence to the malls those stores were in. However, most of those malls have not only survived but are thriving in their post-Falabella era. That retail space has been replaced by coffee shops, larger pharmacies, medical services, gyms or more movie theaters. One good example is Córdoba's Nuevocentro Shopping, in Central Argentina.
Nobody cares about 3rd world argaytina.
I like being able to try on my clothes before buying but malls are still on the decline for the most part.
The US need more malls in city centers and not next to the highway exchange. That is something the US can learn from Asia and Europe: Build malls where people already are!
I'm with you but those are the malls doing the worst now. SF Shopping Centre was one of the top performing malls in the 2010s and now has lost most of its anchors and inline stores. City centers have been hit the hardest by looting and shoplifting along with fewer customers from WFH.
@@jonw999999 Looting also seems to be a very American problem. I was really surprised that the crime in San Francisco has surged so much in the last few years. It is one of the richest cities in the US. You must earn a lot of money to afford to live there. So I thought there must be no crime at all, as all poor people have left the city. I would expect a lot of crime in Detroit, but not in San Francisco. A city that rich can afford a cop at every corner.
@@skyscraperfan Whats remarkable is how bad crime has gotten. It wasn't much of a thing in the 2010s. Plus big retail stores were aggressively expanding in Urban America with urban format stores. That's all gone now, their stores are closing or hanging on with huge security and loss prevention teams. Its worth noting that while San Francisco is bad, it is actually good compared to its neighbor across the bay... Oakland.
my city tried that. it closed down in the late 2000s
I think the whole "shop till you drop" is no longer a thing. You have to build attractions, become a destination. Think Nickelodeon Universe, Crayola Experience, trampoline parks, movie theaters, Hershey's Chocolate world etc. Putting experience-oriented places in malls will ensure that the mall will survive.
That is a dubious prospect... They're not going to retrofit malls as amusement parks that is not going to work
My local
Mall still has Sears, JCPenney and Macy’s opened
Target, Marshalls & TJ Maxx 👍 Macy's hell no it's been yrs since I went to a regular mall... inflation is out of control...
The problem with the anchor department stores is that they charged too much
While stores lime forever 21, etc. Have stylish products for way less.
Every mall needs to have a residential and hotel space. From what I’ve observed, the ones that don’t are usually empty and have very little foot traffic.
5:33 No way do 40% people visit a mall every two weeks, right? Unless the mall happens to be where you get your groceries, I guess.
I don’t understand why American malls haven’t tried what’s worked well in other countries. Yes, I get that America is different to other countries, but maybe, just maybe, other countries do it better.
Many successful Australian malls have supermarkets (grocery stores) in them, as well as what you call “big box stores” (Kmart, Target, Big W) as anchors. Our malls also have stores like JB-Hifi, which would be equivalent to Best Buy. Our malls are essentially one-stop-destinations, with everything you could possibly want, including food courts, restaurants, fashion, beauty, high-end brands, supermarkets/grocery stores, and mainstream big box stores, etc.
Some of the bigger malls have department stores like Myer or David Jones, which are similar to Macy’s, Nordstrom, etc, but not all malls have those types of department stores.
A lot of the footage is from the American Dream Mall, which I do love to visit more than most malls. I don't know if I spend much there, though, it's just nice to walk around. It cost a fortune to make, though, I hope the budget adds up!
In American Dream's case, transportation is the biggest factor keeping me from going back more often. I either have to drive and pay a ton for parking, or take a decrepit bus for almost an hour, when I could just walk down to my town's main street or hop on a ferry to Manhattan.
It is so underwhelming, i live an hour away and visited the dream mall once when i was in nyc...it didnt live up to the hype at all...i know of several malls in my town that are much funner to roam around. The mall is big though but lots of empty spaces
Meadowland ? Parking just 5$
@@Watch-0w1 I live near two of the best malls (Short Hills/Willowbrook Malls) that don't charge anything for parking. I, too, enjoy American Dream, but the parking and driving isn't as easy when comparing other choices.
@@alex_spartan1805 dude me too. What city u from?
But American dream is bigger and got more attractions
I don't know why NJ Transit doesn't make the Meadowlands line a full-time line to give people a better way to get to American Dream.
Pretty soon you may rediscover a Sears at your local mall! A whole new side of Sears.
Sears comeback baby lesssgoooooooooo
Come see the ZOMBIE side of Sears.
The mall near me is a ghost town every time I go in it. The only thing keeping it alive is golds gym, jcpenney and Macy's I feel like.
Bring back Montgomery Ward!
I remember them very well! I used to get asked if I was related to one of the owners as a kid! My maiden name is Montgomery....
I live in Puerto Rico. We have the biggest mall in the Caribbean; Plaza Las Americas Mall. That place is always jammed packed. If I have to go to Macys, I have to go during the week. During the weekend, is pure chaos. Zennial mall rats are a thing.
Ayer en La Terraza, no habían mesas disponibles.
There's literally nothing interesting about classic department stores like macys, jcpenny, etc. So why should someone go there?
I've been saying this too. The contemporary American department store is a joke. I went in El Palacio del Hierro in Mexico City and was blown away, it's light years better than any department store in the US both in luxury and range of items sold.
I bought curtains there. Also my cheap suit. Bought Champion clothes for nephews
Great video. Learned a lot. Nice job narrating too
Other than department stores, what’s your take on food court which seems have vacancies and following the same trend like the department stores
In my option non-luxury malls of the 70's and 80's will continue to close throughout the united states giving way to either mini strip malls or more residential housing much like were all seeing with office buildings throughout the country.
Grocery stores + good restaurants + fun physical activities and you'll have a mall that will never go out of business.
I wouldn’t say it survived, its still slowly going away. Yes there are a small percentage of malls in the US that are doing very well but the majority of malls are either closing or closed, even before the pandemic.
Jcpenney carries big and tall sizes that alot of stores don't have.
I agree that if the malls can transform into a better experience so that people come for not only shopping, then that would be best. But at some point, when ever that transformation is complete, we may not call it a mall anymore. This may be especially true if residential, office, and hotel is blended into the property as was suggested in the video. Then it becomes a mix-use property that is very distinct from any other. I have seen this in newer out-door shopping centers where they mix in residential, office, and retail. I believe that is the direction they have to go because they are shooting for a high end life style where you can "live and play" as was also suggested in the video.
Mixed use was the original idea. Malls weren't originally intended to be closed off shopping centers.
Some malls like Riverchase Galleria near Birmingham, Alabama have been like that since the beginning. It opened in 1986 and has always had office space and a hotel attached.
Thank women for keeping malls alive
I am guessing most guys are like me:
Only go to a mall for shoes or a suit or certain clothes. Things I need asap or try on before buying. I go in, buy, and leave immediately.
Only as a teen you go to the mall to hangout.....maybe....even that is online now.
They're the ones shopping for their husbands and kids, not just themselves, so yeah.
I go to tractor supply to pick up work clothes. Jeans, work shirt and work boots, etc. if I need a suit I go to a local taylor. Neither are in a mall. Anything else a mall has can be ordered online.
The mall in my town has a high school where the sears was. It's been there for years now
Security is also a major factor in declining footprint. Many families don't feel safe going to the malls anymore.
You mean schizophrenic families
One side of your polo shirt from Marshall's stitching be off though 😂😂
US malls need to become more entertainment centric. People who come for the entertainment will not only enjoy the experience, but stay awhile longer to shop.
They survived?
What’s left of them
It's a market correction. There was too many so lots of them died, but the bigger ones that survived and have been able to adapt are thriving.
I visited El Paso and they managed to have a Sears anchor
Most people I know, myself included, go to the mall just for the food court.
WE LOVE SHOPPING AT MALLS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Bro they didn't survive what is this homie smoking on.
It’s funny that they mention US based malls but they decided at 1:05 to use the inside of Torontos Downtown Eaton Centre mall lol 😂 which is based in Canada.
Mall of America and other malls in northern regions also thrive because of the frigid winters and sweltering summers they have. That definitely lures people to do things indoors like shop, dine, and watch movies.
Macy's really wasn't an anchor store in many of the malls until it bought out the competition...or around 2006 when they took over the stores like Marshall Fields, Bullocks, and those part of Federated brands
In most parts of the country that was the case. In places like South Florida, Metro Atlanta, California, and the New York area, they've anchored malls since the 80s and earlier in some cases.
@@TheNewgreatlifeAtlanta had Rich's which was turned into Macy's. Also Parisian.
@@larrys4618 Atlanta also had Davison’s which were all turned into Macy’s in 1986, so Atlanta has had a taste of Macy’s since the 80s. When Federated decided to eliminate all of the regional nameplates in 2003, most of the former Davison’s and current Macy’s stores closed except at Lenox Square and Perimeter Mall which became Bloomingdale’s due to being upscale malls. Also Northlake Mall, which never had both Davison’s and Rich’s like most 1970s and 1980s malls in Atlanta, so their Davison’s turned Macy’s store became Rich’s in 1998, then Rich’s-Macy’s in 2003, and just Macy’s in 2005. It is the last Macy’s store to still be operating in an old Davison’s since the Macon Mall store closed in 2020.
@@larrys4618 Atlanta also had Davison's which became Macy's in 1986, so Atlanta has been used to Macy's since the 80s. When Federated decided to eliminate regional banners altogether, most of those stores that were former Davison's/ then-current Macy's stores closed, and Macy's took over the Rich's anchor spots around Atlanta. The only exceptions were at Lenox Square and Perimeter Mall where the Macy's became Bloomingdale's due to being in upscale malls. Northlake Mall only ever had Davison's, so it became Macy's in 1986, a Rich's in 1998, Rich's-Macy's in 2003, and then back to Macy's in 2005. Town Center at Cobb had an original Macy's as the mall opened in 86, right as all Davison's stores around Atlanta were becoming Macy's. It's currently a hybrid Macy's Men's, Furniture, and Clearance store, while the main Macy's is in the former Rich's. Those are the last Davison's stores still being used by Macy's Inc.
@@larrys4618 Atlanta also had Davison's which became Macy's in 1986, so Atlanta has been used to Macy's since the 80s. When Federated decided to eliminate regional banners altogether, most of those stores that were former Davison's/ then-current Macy's stores closed, and Macy's took over the Rich's anchor spots around Atlanta.
Our JC Penney’s is now a first Baptist church, Macy’s is now a division of the local college, and Sears turned into a World Gym
In Germany, the anchor store positions are usually taken up by large electronics stores and/or big supermarkets.
i grew up in the 80s and 90s and still never shopped jc penny's, sears, or macys. i dont feel bad for them
They need to move toward the full-service upscale department store feel like when you went to a department store back in the 1960s and then rely on online influencers to make going there and having these experiences trendy.
A mall near me has added a bunch of new clinics and doctors offices in it.
How about making cities more walkable with lots of small local vendors you can walk by, so like a public outdoor mall like in the old day
Here is the thing. Indoor malls thrived in the 80’s and the 90’s. Why? People didn’t have much else to do especially during the day on the weekends. There was no internet! Then there was the Arcade. The internet really changed things. People meeting and chatting online. I remember going to the mall in the 80’s and 90’s just to walk around, people watch. People do that much less now.
when malls is further away from where peoples live, work and school
retail therapy is the dumbest thing I've ever heard
It's a thing.
Not a healthy outlet bc it's unnecessary spending BUT trust me after a bad day of working buying a cute bag or dress helps.
Like I said it's not a good thing but it does help some of us
Why? I like products and I love to buy things too when I need. Plus it helps the economy when you put money in it.
They definitely learn from Asia. In Asia, malls are thriving community centers. Banks, hotels, apartments, restaurants&cafes, grocery stores, specialty stores, bakeries, barbershop, hair salons, arcade center, cinemas, gyms, beauty&skincare clinics, health clinics or some medical care even churches can be found in giant malls 😂! The malls also create many special events to draw more people in, this one time they even create basketball matches between highschoolers inside the mall, for some fun competitions. Or they create events for kindergartens to show off their dancing and drama students.
So they don't depend on 1 giant store to keep one mall alive. People can even go to mall and simply walk around without buying anything.
Shopping malls are still thriving in high income populations. The dead of shopping malls just mean people are poorer and have to find cheaper deals online or find cheaper brands. Merchandise theft is also a reason
Most of Democrat control cities.
Or people who are smarter shoppers
@MrMastrsushi poorer does not mean you get smarter. It just means you're more budget conscious. Top brands don't offer their products on sites like Amazon, eBay,.. unless you buy directly from them or their partners' sites. Top brands you find at discounted stores like Marshall or outlet mall do not have the same quality as you find at the department stores
@@hungson215 I never once said poorer makes you smarter. I’m simply saying that not everyone who chooses to shop at cheaper stores is poor.
As for your Marshall’s comment, you’re free to hold that opinion. I’ve found all sorts of top brand stuff of the same quality. I can afford to shop at department stores but rarely I do because the "hottest" stuff doesn't mean much to me and a lot of other people.
The people have voted with their wallets, we don't want overpriced crap for daily attire.
Amazing malls and departmental store
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I like malls because they allow me to try on clothes from many different vendors in one place. Buying clothes online just doesn't have the same feeling.
There's actually 3 types of shoppers.... luxury, discount but the third are quality shoppers (shoppers like myself that don't mind spending a little more for a quality product, not necessarily for luxury products and NEVER shop for discounts because that is usually lower quality product.)
The Palisades Center is not a luxury mall. That mall is mostly empty!
My local mall just got a casino in one of the "anchor" section. So bring a crowd of people to encourage shopping.
A few malls have survived. There were, and still are, far too many in the United States. Adding casinos? Nothing shows desperation than that
on 3:19 what store is this?
Converting malls to residential areas in case where they are not salvageable should be a priority for local governments especially given the housing supply dearth, mall areas can have quick turnaround times to convert to residential units as most of the utilities already exist and plus they already have good connectivity to existing infrastructure
The pandemic put the malls out of business... And now high interest rates will prevent what you're talking about... Simply Google Metro Center Arizona and you'll find out what is actually happening on the ground with malls This report is bullcrap
Malls are a hang out spot
the death of the american mall is just in line with where the middle class has died which is much of rural middle america
The retail apocalypse is not over yet. Not even close
Far from over
Amen. It sure isn't. The recent bankruptcy of Express proves this.
My local mall is amazing and is always crowded on the weekends. I love going and working there. We have a great assortment of stores that are in demand
There's also no new shiny object in retail that draws people. Normally there's some new hot shop every shopping area is trying to get and whoever lands it gets the customers. 15 years ago it was one of the first Apple stores. Additionally there's barely any book and music stores anymore, they were always one of several key stores in making a shopping trip into day trip shopping experience... get lost in a bookstore for a few hours.
The mall needs to add a grocery store component or even a Target/Walmart. A grocery store would add the necessity to go to the mall and convenience of just happening to have a ton of stores nearby.
I think most things have a place. This anticipation that they would simply disappear is foolish. I myself do not go to them nor would I but I see the worth. Way willing to wait for something delivered.
Payless Shoes was spotted in this story (gone), Bed Bath & Beyond, Pier One Imports, Toys R Us, and now the 99 cent stores all gone since 2019. Not just malls having a hard time adjusting. I guess you either evolve or die as a brand.
I'm pretty sure that all malls are going under in the next few years... That paradigm of retail is definitely not going to work
Spoiler alert: most died long ago
The problem is they kept building malls just miles down the road from other malls. You can only have so many Macys Sears and JCP! What then happens is you end up having people who will drive a few more miles down the highway to the nice new mall, hurting sales of older malls and their stores. Even if these “nice new malls” are a now quarter of a century old, people STILL go to them, and they are STILL busy even on a weekday. So what happens? The department stores leave and then open up individual stand alone stores at glorified strip malls within suburbia. Their hope is that consumers will seriously drive to just their one individual store because it’s closer, rather than further out to a mall who’s anchors are ONLY entertainment based.
And add to that Amazon and covid and you have more or less a perfect storm
RadioShack at 3:27…wonder when they shot that footage?
I was thinking the same thing, also the Payless in next to it! There was also a clip with a New York & Company. All of those brands are defunct (although some Radio Shacks still exist as franchises but they are very very rare)
The internet has taken over..lower overhead and business model is efficient..
Today, Saturday, I went to one here next to my house and it was completely empty, maximum 50 people, it's sad.
Mallrats (1995) movie lives on.
Look, the practical reality is that things change. If you're within my age bracket (late '30s), you not gon go to the mall and have them same experiences you had during the '90s and early aughts. Shoot, most of them stores that I frequented ain't even there no more. I'm thinking Sam Goody, Charlotte Russe, Bebe, etcetera. Folks still go to the mall, but that '90s mall craze is definitely over. Macy's, Sears, etcetera are all passé. Macy's used to be the lick when I was growing up. I remember buying my lil' DKNY jacket and shades and thought I was just...whew! Couldn't nobody tell me nothin'. I recently breezed into Macy's and it looked hella cheap and just ran through, yo. I be shopping at lil' boutiques and stuff like that.
As a former 80’s mall rat I can assure you, today’s malls are little like they used to be. High end malls are decent but don’t attract younger shoppers that can actually afford anything in them. Typical malls are now partially filled with no name stores selling cheap junk. Very sad.
Paradise Valley Arizona is one of the wealthiest cities in America... Recently paradise Valley Mall closed... This story is bull crap The malls are closing even the wealthy ones
7:05 some normalized levels of pricing? where?
Some malls are doing absolutely amazing! But a lot of them are not doing great?
You have to understand how most humans are. We’re social beings. Turning a mall from a shopping experience to a destination is key in 2024. Adding a things that will entice the “shopping experience” ie: unique cinemas like 4D experiences, amusement parks, golf simulators, unique restaurant experience within the mall. The mall is now a destination for entertainment not just shopping. Malls will have to adapt in order to keep their doors open.
I love the malls and the top malls are still pretty busy and i absolutely hate ordering online i need to see and feel my stuff before i pay my money then get the run around about a refund or exchange when my order is wrong… it seems like the malls that struggle are the ones with very little going on outside and around the mall when there are restaurants and movie theaters and those dave and buster type places stay busy
The label they want… but the products are not well made. The age of the masters has ended. Master tailors, master filmmakers, etc etc.. I have witnessed this in my lifetime. It’s sad.
Lets not forget the area where a mall is located. Malls exposed to high crime are more likely to bow out versus the ones in good upper class communities.
Crime usually is not why malls close. It's more often the fact that more and more people find driving to be more and more of a headache and less of something they enjoy, so malls that don't have something really worth it and are also really heavily based on driving, especially if many people have to drive very far, are struggling more than ones that have unique stores and are convenient to access.
Umm…they haven’t survived it.
Lots of have closed down, but the ones that not only survived but have been able to adapt are doing well. Survival of the fittest.
When a place has less malls in an area I find that the mall is usually packed
Factory outlets some growing sales...
I think having housing on top helps to shed some of the malls dependents on retail in a down market.
Those are just going to be slums in 5 years and you know it
I thought of that too
2 words: they didn't
Department stores aren’t as modular as the larger mall, as unprofitable departments don’t just shut down like struggling independent shops would. There’s not really a reason for especially younger consumers to wander around a department store when ecommerce on mobile devices grants access to even larger selection of products or directions to niche store locations.
It would really help if malls went with this route:
- turning empty spaces that nobody is renting into livable space. Like perhaps anchor stores that left, that space could be used for this.
- Turn it into an entertainment spots, along with a more unique selection of food instead of the same old things.
- It would also help if they invest in security systems where in case if pieces of garbage that storms into stores and does riot looting, they’d have a higher chance of being pinned down and detained. It would also help if the US government (let alone, many of the states) isn’t such a fluffy pillow country and instead, punish the looters with at least 10 years of minimum sentence + they’re forced into slave labour where all the pay will go directly back into the stores they had affected.