Shopping Malls 2023 Presentation

The Shopping Mall Saga

• Shopping malls have experienced declining foot traffic and the loss of major anchor stores among many other challenges, all of which have resulted in the closure of many malls, reducing the total in the US to approximately 1,000, and affecting investment dollars.
• The pandemic and then inflation only exacerbated the turmoil. Nonetheless, some of the biggest mall owners recorded an improvement in occupancy and rental rates during the last half of 2022.
• According to Marcus & Millichap’s Q2 2023 National Retail Report, 2,600 retail stores had closed as of mid-May 2023; however, the company also forecasts these empty spaces will be filled by dollar stores, off-price retailers and grocers as well as experiential retailers.

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