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 Post subject: Apocalypse of mall closings
PostPosted: Sun Apr 16, 2017 10:05 pm 
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Joined: Sun Jul 01, 2012 5:16 pm
Posts: 2304
Location: Sunshine State
https://m.youtube.com/watch?v=YVhTf_yzOhA

This news says malls borrowed heavily during the last financial crisis (2007-8) and their balloon payments are due.

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 Post subject: Re: Apocalypse of mall closings
PostPosted: Sun Apr 16, 2017 11:02 pm 
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Joined: Sat Jun 30, 2012 5:22 pm
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From my own observation i'd say it's a combination of things. Internet buying, high overhead for mall stores, lack of serving the demographic - where DID all the bookstores go!? :( Our HALLMARK's went out of business. We have clothing stores, a couple of hair salons, a Bed Bath & Beyond, a jewelry store, .... all the stores that are about making ourselves LOOK better and none for DOING anything better.

Maybe i'm just tired. ;)


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 Post subject: Re: Apocalypse of mall closings
PostPosted: Sun Apr 16, 2017 11:16 pm 
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They built an outlet mall in the next town over from us. It's a year or maybe two years old now... Dd wanted to go there for her birthday. The place was packed! Lines for every store and for a moment I had Disney flashbacks. Lol!!
Somebody is shopping at malls still.. That place was crazy.


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 Post subject: Re: Apocalypse of mall closings
PostPosted: Mon Apr 17, 2017 12:26 am 
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Joined: Sat Jun 30, 2012 3:05 pm
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Location: Central TX
I didn't even know malls still existed! I used to practically live at the mall, when I was a teen. There was a big ice skating ring, the candy shops, the cool little specialty shops! My friends and I used to just walk all around the mall, trying food samples, watching people, and looking at all the cool stuff we couldn't buy because we had no money, lol.

But I haven't been to the mall in several years, no reason to. I don't even know where any are. I tend to avoid places with large concentrations of people, thanks to our former president flooding our country with terrorists.

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 Post subject: Re: Apocalypse of mall closings
PostPosted: Mon Apr 17, 2017 11:10 am 
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Joined: Sun Jul 01, 2012 5:16 pm
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Location: Sunshine State
The mall here where I used to go had a JCPenney, they were the first to close and relocate to a stand alone store. The mall slowly deteriorated. Now the community college is repurposing most of it. There are still two healthy malls in this area, but are always in flux, stores come and go. They just can't realistically survive on the few customers that shop there. Like Sis says, high overhead.

In our little town, a start up brewery, got 200k from the city for equipment. There were crowds for the first few months but the handfuls of people showing up since is not paying the bills. They have filed for bankruptcy. I think too many people have a 'build it and they will come' mentality to business. In the 13 years we've been in town we have seen dozens of shops open and close. The two business leasing from us now have been with us almost from the beginning. We also don't charge excessive rent. We were told by the development board we could charge 3X that amount. We could, but then our storefronts would be empty. We are realistic. Leasing fees are not realistic. They are excessively greedy. It's why we chose to buy and develop commercial property, because leasing it was out of reach for us.

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 Post subject: Re: Apocalypse of mall closings
PostPosted: Mon Apr 17, 2017 11:50 am 
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Joined: Sat Jun 30, 2012 5:19 pm
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Location: NE Central Texas
a huge one in Allen closed down. I could not believe it. I thought it was still there .
The one in Richardson has just a few stores in it.
I guess everything is Outlet now.


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 Post subject: Re: Apocalypse of mall closings
PostPosted: Mon Apr 17, 2017 12:24 pm 
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I also think the market is over saturated. We don't need 4 of the same store in 2 malls only a few miles apart. After a while, people have to stop buying because it's not realistic to keep buying all the time.

Wal mart parking lot is full all the time... I always wonder.. Who can afford to shop so much and what the heck is there to buy all the time? I can understand food gets eaten but goodness... Where do they get the money to keep shopping? It has to run out or the credit limit has to be reached at some point.


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 Post subject: Re: Apocalypse of mall closings
PostPosted: Mon Apr 17, 2017 12:51 pm 
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Joined: Sat Jun 30, 2012 5:19 pm
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Location: NE Central Texas
that is like 5 walmarts in the same city close to gether


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 Post subject: Re: Apocalypse of mall closings
PostPosted: Mon Apr 17, 2017 2:25 pm 
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Joined: Sat Jun 30, 2012 3:05 pm
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Location: Central TX
Tory wrote:
I also think the market is over saturated. We don't need 4 of the same store in 2 malls only a few miles apart. After a while, people have to stop buying because it's not realistic to keep buying all the time.

Wal mart parking lot is full all the time... I always wonder.. Who can afford to shop so much and what the heck is there to buy all the time? I can understand food gets eaten but goodness... Where do they get the money to keep shopping? It has to run out or the credit limit has to be reached at some point.


I just saw something today, that the average person's credit card debt, is around $9,000. My guess is they can't afford it and they are spending money they don't have.

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