Blog: Too many malls, too few tenants
Leonie Barrie | 18 July 2008
Retailers aren’t the only ones to be hit by the slow economy hurting their sales: as many cancel expansion plans and even shut stores, mall developers have been left struggling to find tenants to fill their schemes.
As this article in the Wall Street Journal notes, one of the decade’s hottest trends – open-air shopping venues – has gone cold.
And it couldn’t have come at a worse time. Last year 37 centres totalling some 12m square feet were built, or roughly 40% of the total lifestyle-centre square footage added this decade. Double the 2007 total is now under construction, and three times as much is in the planning stages.
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