Shopping malls, as we know them, may soon be a thing of the past. The COVID-19 pandemic, government restrictions, and the rise in online shopping has forced many retail and restaurants to close their doors, leaving malls empty. Data from Coresight Research projects a quarter of the nation's malls will be gone by 2025. Experts say those malls that survive will have to adapt to new shopping habits.
“Traditional shopping malls are going to move into more of experience situations where people want to go out for dinning or entertainment options, or where there’s something to do besides just shop for merchandise,” Bankruptcy attorney Reed Allmand, from Allmand Law Firm, said.
Allmand notes the country was losing malls even before the pandemic due to more Americans shopping online.
“I think there is going to have to be more options for consumers to shop online and also potentially have the option to come in, maybe on a smaller foot scale, as far as square footage, to actually see the merchandise and touch it,” Allmand explained.
He adds malls trying to operate on their own are having financial problems.