5 Mall Redevelopments Adapting To the Changing Retail Climate
Almost one-fifth of shopping malls across America will be closed within the next five years, according to Credit Suisse. As more mall-based retailers strive to stay relevant, many are forced to think outside the box.
1. It’s no secret that big anchor stores have been abandoning malls in the last several years. Valley View Center in Dallas, Texas saw big anchors JCPenney, Macy’s and Dillard’s leave their mall back in 2013. Recently, demolition has been taking place to make way for a hotel, apartment complex, movie theater, and retail space.
2. Valley Fair Mall in Santa Clara, California went through extensive renovation to turn its old shopping center into a hotbed of entertainment, outdoor restaurants and retail outlets. Large anchors such as Bloomingdale’s and ICON theater are planned for completion by 2019.
3. Ballston Common Mall in Arlington, Virginia will debut $330M worth of renovations by 2018. The aged shopping mall has been under renovation to turn itself into a thriving entertainment, open-air center near the Orange and Silver Metro lines.
4. Woodfield Mall, the largest mall in Illinois, is receiving a facelift and $14M worth of renovations for a new 820-seat dining area, flooring, elevators and overhaul of the mall’s interior.
5. King of Prussia Mall outside of Philadelphia is known as one of the largest shopping malls in the U.S. The large mega-mall went through major expansion in 2016 to create a town center and a KOP rail line.
Malls across America continue to be reshaped and renovated to accompany the demands of the future. How far reaching these changes will be remains to be seen; however, good locations will remain good, even if they are for different uses and users.