Question: Why Are Malls Dying In America?

How many malls are left in America?

In 2017, there were approximately 116,000 shopping malls spread across the United States.

Back in 1970, there were only 30,000 shopping malls in the United States..

Are malls in America dying?

American malls are dying out. Retail complexes all over the US are being clobbered by store closures sweeping the country. Retailers have announced more than 8,600 closings so far in 2019 and according to a report done by Credit Suisse in 2017, between 20% to 25% of malls will close by 2022.

Is GameStop dying?

GameStop is, by far, the world’s largest video game retailer. The company had been in steady decline for years, but the bottom has dropped out of its stock price across the last year — from $16 a share in January 2019 to under $5 by January 2020.

What sells most in any mall?

The most popular products for these types of kiosks and carts are familiar staples: popcorn, peanuts, ice cream, hot dogs, pretzels, and gourmet donuts or coffee. With the fresh aroma of the tasty treats wafting through high-traffic areas, customers have a hard time walking past your kiosk without stopping for a treat.

What are the top 5 biggest malls in America?

Top 10 Largest Malls in the U.S. – Tripping.comMall of America – Bloomington, Minnesota. … King of Prussia Mall – King of Prussia, Pennsylvania. … Aventura Mall – Aventura, Florida. … South Coast Plaza – Costa Mesa, California. … Del Amo Fashion Center – Torrance, California. … Destiny USA – Syracuse, New York. … Sawgrass Mills – Sunrise, Florida. … The Galleria – Houston, Texas.More items…

Are malls becoming obsolete?

But as you may have heard, in 2017, malls are dying. … According to a 2017 report by Credit Suisse, 25% of the remaining malls in the US will close in five years. Some people even think the word mall should go extinct. “It’s a dated word,” said Westfield co-CEO Steven Lowy, “lost in the vernacular.”

What is the future of retail?

The future of retail will see complete integration of technologies like augmented and virtual reality, the internet of things, sensor-driven packaging and connected appliances. This will result in an exponential impact on e-commerce volumes.

What is the largest indoor mall in the world?

Dubai Mall (3.77 million sq ft) At over 12 million square feet (equivalent in size to more than 50 soccer fields), the Dubai Mall is the largest shopping mall in the world based on total area but about the same size as the West Edmonton Mall if based on leasable space.

Why did malls fail?

Consumer shopping habits are changing One of the biggest reasons that so many stores are failing is that people aren’t shopping the same way they used to. Rather than spending whole afternoons walking around the mall, many people prefer to shop in their pajamas at home.

Is GameStop going out of business in 2020?

On a recent earnings call, GameStop (NYSE:GME) CEO Jim Bell announced the company would permanently close around 300 storefronts this year. The closures come after the company closed 320 stores globally in fiscal 2019. … GameStop plans close another 300 or so stores in 2020.

Is GameStop going to go out of business?

However, while industry trends have pummeled GameStop stock, other opportunities in gaming may throw it a lifeline. Despite a tenuous outlook, GameStop is still unlikely to go bankrupt.

What is the richest mall in America?

Here are the most valuable REIT-owned malls in the country, based on an asset’s value, according to Boenning & Scattergood.Oakbrook Center.Woodbury Common Premium Outlets. … Fashion Show. … Tysons Corner Center. … Forum Shops at Caesars. … King of Prussia Mall. … Westfield Garden State Plaza. … Roosevelt Field Mall. … More items…•

Where is the largest mall in America?

Bloomington, MinnesotaThe Mall of America is the biggest shopping mall in the United States, with more than 500 stores and 10 attractions, including an indoor theme park. Located in Bloomington, Minnesota, the mall is visited annually by more than 40 million people, which is approximately eight times the state’s population.

What is the smallest mall in America?

South Coast PlazaThe smallest of only three North American malls on this list, South Coast Plaza is an upscale-luxury shopping center in Costa Mesa, California, about 2.8 million square feet in size.

How much longer will GameStop last?

Major gaming retailer GameStop says it will be closing “between 180 and 200 underperforming stores” in the next six months. That statement comes following 195 store closures in the last 12 months and what the company says it expects will be “a much larger tranche of closures over the coming 12 months to 24 months.”

Are malls still a thing?

Malls have always been a destination, but the concept of a ‘mallrat’ no longer exists. The days of meeting friends at the mall and shopping all day are gone. Malls are still considered a destination, but it’s because they now offer amenities, experiences and entertainment to enhance the shopping experience.