Every adult must know of a mall that they grew up with that is no longer a mall. While some may have been repurposed most have been closed or torn down. If you’re unsure of the status of your childhood mall go to the website deadmalls.com. There is a forecast that hundreds of malls will be gone in the next decade.
Some of their demise can be attributed to consumers doing their shopping online. However, high-end malls seem to be doing better and are getting a help from sales at technology stores, think Apple and Microsoft.
As malls are declining in the US, it appears that investors are interested in financing malls in China and Korea where there is growing demand.
Malls have always been social gathering places and as baby boomers age the mall is still a good place to meet.
Racked has some ideas of what a mall might look like in the future: interactive technologies (full body scanner); hypercustomization (3-D printing); commerce center to community experience (unique activities); digital shopping carts, varied tenant mix and smarter selling floors.
Source: The New Yorker
Source: Wall Street Journal
Source: Yahoo Finance