![]() ![]() However, trends in consumer behavior have been causing numerous shopping centers to close. quickly became centers for family enjoyment that combined shopping, dining and entertainment under one roof. Shopping centers started rising in popularity in the 1950s, and this trend continued through the 1990s. ![]() Meanwhile, there is a retail apocalypse going on, and tens of thousands of stores are closing. A minimum wage employee can’t afford the rent on a one-bedroom apartment in 93 percent of U.S. Now, housing prices are skyrocketing due to a lack of supply and low interest rates, which especially squeeze low and moderate-income households. Also, labor and lumber shortages are exacerbating the housing shortage by making it harder and more expensive to construct new homes. The pandemic made the housing crisis worse because many people craved larger homes due to the need to work remotely. According to Freddie Mac, the housing market is short nearly 4 million homes, and builders cannot keep up with demand. Americans once fetishized being away from streets and grime now they crave an urban “feeling.” Or they do to a point.Īt the Arcade Providence in Rhode Island, developers have taken the re-urbanizing impulse to an extreme and built micro-apartments where the country’s oldest mall stood until last year.There is a severe housing crisis throughout the United States. A plethora of outdoor space is a must, Andrus said. Rollercoasters and waterslides are sometimes under consideration. Many redevelopment plans focus on entertainment. That might mean more experiential retailers, such as restaurants and movie theaters, but, in a properly executed urban-suburban development, the movie theater will have reclining seats and serve beer from a local microbrewery-a happy melding of convenience and urbane tastes. “The biggest trend of all, which is not talked about often enough, is that.people are creating an urban suburban environment,” Levy said. ![]() That might seem counterintuitive, but the construction is likely a reflection of the booming economy here in general, he said.ĭevelopers have also begun trying to urbanize malls in order to capture the millennial market, with its marked preference for cities. He points to the outlet mall under construction on Staten Island and closed-air retail developments in Hudson Yards and the Oculus. “If you look at a place like New York City, there's actually a lot of mall construction going on,” said Matt Chaban, policy director at the non-profit Center for an Urban Future. Which malls need re-tenanting, redeveloping, or good old fashioned demolition is perhaps mostly a function of demographics, which are a function of the regional economy. Many areas want a grocery anchor, but others would more likely support big box stores like Walmart. “You have to establish what that area truly needs and truly wants,” before re-tenanting or redeveloping. “Demographics is an underused science,” said Brian Andrus, head of the Florida Gulf Coast Commercial Association of Realtors. As James Carville would tell you, “it’s the economy, stupid.” Many malls, especially outlet malls, still see huge sales volume, even with brick-and-mortar apparel retailers as anchors. One way is to look at those lacking anchor tenants or that have traditional department stores as anchor tenants. But how to know which malls will die as many limp along zombielike, is not so easy. ![]()
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