Suburban malls lose shoppers as market polarizes

Crain's Chicago Business reports on the problems of malls for "the middle class":

The middle, by contrast, is becoming a no-man's land. “Middle-income shoppers are challenged today, and that's affected their purchasing habits,” says Mark Hunter, senior vice president of retail services at Chicago-based Jones Lang LaSalle Inc. “The middle is a tough place to be.”

The spread of these unwanted malls poses a challenge for their owners, which include Australia's Westfield Group: Do they remain as retailers or look to reinvent themselves?

“The vast majority of malls are going to survive . . . (but) some will have to adapt to a non-retail model,” Mr. Hunter says. “Malls with proactive owners will successfully transition to mixed-use formats” that include such unusual tenants as community colleges.

An article well worth your time.