One in six American malls are expected to disappear in the next decade. That’s scary news for many communities.
Visits to malls declined by 50 percent between 2010 and 2013, according to real estate research firm Cushman & Wakefield. Analysts expect upcoming data will show an even steeper drop in mall traffic.
Mall closures could have terrifying implications for communities, Howard Davidowitz, chairman of Davidowitz & Associates, a national retail-consulting and investment-banking firm, told Business Insider.
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About 15 percent of malls will disappear in the next decade, according to a study by Green Street Advisors. That means hundreds of malls will close down, potentially affecting thousands and thousands of jobs.
“When a mall closes, it’s a blight in the community for a very long time, ” Davidowitz said in a telephone interview. “Empty stores mean ugly holes where jobs are lost and taxes aren’t paid.”
Read the full story at Business Insider [Via The Real Deal]
