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Thought malls were going extinct? Think again.
Black Friday Nike Air Jordan 28, In a new article published by The Daily Beast , reporter Joel Kotin takes a look at these once-mighty shopping destinations and how some have been able to stay afloat among shifting consumer trends. According to CoStar , about 10 to 15 percent of America’s 1,000 malls will go out of business within the next decade, as stores like Target and Walmart have become increasingly favored for their low-price offerings. But that’s not the case across the entire country. Malls are actually thriving in more affluent communities and big cities, rather than the typical suburban neighborhoods that they once flourished in. According to investor Blake Tartt , it’s all about being in the right location.
“Everything has changed and you have to be with the right demographics,” he told The Daily Beast . “It’s not so much about the mall but the location that matters.”
Black Friday Nike Air Jordan 28 So while older malls are being abandoned or converted , newer establishments are actually killing it—mostly because in-store shopping is still preferred over online shopping, and these shiny new buildings are focusing on distinct niches, like income or ethnicity.
We had a terrific recession,” Los Angeles-based mall maven Jose Legaspi told The Daily Beast . “You do well if you target specific niches that are growing. You can’t make it with a plain vanilla mall.
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