1031 Exchange Series: The Retail Apocalypse - Phoenix American
An Abundance of Malls
In 2021, it is estimated that 1-in-3 malls and half of department stores across the nation will close permanently. 75% of all mall owners are considering repositioning mall spaces in the future. Malls typically generate a good chunk of local tax revenue but increasing vacancy is a problem that only keeps growing. Larger anchor tenants like JCPenny and Sears aren’t attracting the crowds they used to. Families don’t look to spend their days visiting the local mall anymore.
In the past, citizens believed having a mall is what turned their area into a city. Malls were…
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