NewsLanc for a decade has warned about the danger of re-zonings for shopping centers that have been built recently and over the past few years.
This has undermined the viability of Park City Mall. In addition to fierce competition from Internet shopping, we are relocating prime retail tenants to newer facilities and may ultimately turn Park City into a major problem area ,rather than the desirable community center for which it has served for many decades.,
LA TIMES: Between 20% and 25% of the nation’s shopping malls will close in the next five years, according to a new report from Credit Suisse that predicts e-commerce will continue to pull shoppers away from bricks-and-mortar retailers…
“It’s more in the 30% range,” Ron Friedman, a retail expert at accounting and advisory firm Marcum said of the share of malls that he predicts will close in the next five years. “There are a lot of malls that know they’re in big trouble.”..
“There are still malls being built,” Marcotte said. “Predominantly outlet malls and lifestyle malls.” … (more)