The Financial Times reports:
Credit market investors are falling out of love with US shopping malls as up to 15 per cent of the country’s suburban retail centres are forecast to close over the next five years in the face of online competition.
There's more:
The US’s more than 1,300 regional malls, defined as centres larger than 450,000 square feet, are being threatened by the boom in internet shopping and tougher competition.
“I think 200 are going out of business,” said Gerry Mason, executive managing director at property group Savills. “We’re 15-20 per cent overbuilt. There are just too many stores.”
Just a reminder to local governments who are planning on sales tax revenue.
