The region's largest retail center changed hands for $57.7 million in late April. The deal at less than a quarter of what the mall was worth roughly a decade ago was an unusual one in a region where recent mall sales have led to teardowns, industrial makeovers and slow death spirals under scavenger-like owners.
Some Retailers Are Opening New Stores. But Who Are They and What Do They Ask For? There are retail tenants out there looking to expand by taking advantage of rent discounts and favorable lease structures.
It is survival of the fittest in the retail universe, as those retailers considered essential by government officials and well-capitalized will remain viable post-pandemic, while those who are not are falling behind.
“You have to understand this is a very unusual situation, with winners and losers chosen by states deciding what is essential and what isn’t,” says Greg Maloney, CEO of retail, Americas, with real estate services JLL.