A decade ago, with the majority of stores exiting, Euclid Square Mall in Ohio was temporarily used by religious congregations who held services in abandoned retail stores. Two years ago, Amazon announced plans to build a fulfillment center in its place.
The fate of many malls around the country has largely come to mirror that of the Ohio story in varying degrees of non-retail activity, including simply a place where the elderly gather to walk a few safe laps.
Shopping malls may be hot this holiday season, but more so in classic Christmas movies or the season finale of “The Walking Dead”. Not in reality.
In the retail apocalypse, American malls are having a hard time keeping their doors open, and they’re trying pretty much every gimmick in the book.
Several big cities are testing out malls that cater to the upper-middle-class, millionaires and wealthy tourists.
Opened in March this year, Hudson Yards in New York City features high-end brands such as Tiffany & Co, Cartier, Dior, and the like. According to management, 12 million people have visited the mall since its doors opened.
High-end malls in other parts of the country are thriving as well. One of them, the Bal Harbour Shops, located in Miami Beach, just announced a $550-million expansion. Bal Harbour Shops, with its mandatory $30 vehicle valet, is considered one of the most luxurious shopping malls in the country, complete with five-star restaurants. As an additional benefit, luxury malls have been relatively immune to the US and China trade war. CLICK for complete article