ATLANTA—A recent Credit Suisse report signaled tough times ahead for America’s malls. Twenty percent 25% are predicted to close by 2022.
As the number of shopping centers shrinks nationally, landlords have had to scrutinize the retail tenants that fill their properties, according to Cary Beale, senior vice president of Retail Agency Leasing at Franklin Street.
As Beale sees it, no longer subscribed to the “shop until you drop” mentality, consumers are traveling farther and less frequently to high-end shopping centers that combine attractive stores with entertainment experiences. Landlords have to be more selective and more proactive. If landlords are not being proactive, the center is going to fail.