Shopping malls are slowly turning into ghost towns, and that's taking a toll on the stores and restaurants inside of them.There's more:
Nowhere is this more apparent than in the mall food court. Several fast-food chains that were once a primary source of sustenance for bored teens are crumbling, unable to stay in business as shoppers spend their money elsewhere.
Real estate analytics company Green Street Advisors says that some 15 percent of U.S. malls will fail or convert to non-retail space over the next decade, Business Insider reports. Another retail expert, Howard Davidowitz, thinks up to half of U.S. malls will fail within 15 to 20 years.Can you say lower lease prices???
One of the biggest reasons for the closures and slowed traffic is the disappearance of anchor department stores such as Sears and J.C. Penney. Those stores have been in tumult since the recession, and haven't returned to health the way some upscale retailers have. Historically, they drove traffic to the malls. Some malls are now looking at large gyms and fitness centers to replace department stores as mall anchors, The Washington Post reports.