With the meteoric rise of online retail in the age of Amazon, consumers have continued to opt more for shopping on the Internet in their pajamas as opposed to running out and getting their shopping done in person. The malls hit their heyday in the 1990s and the U.S. has definitely overbuilt the amount of retail needed per person.
The American mall is now fighting for its life.
Mall - Mid-1990s - Stores - Feet - Wall
A typical large mall in the mid-1990s entailed 142 stores spanning about 1.2 million square feet, according to a Wall Street Journal analysis on 458 malls across the states. Many retailers have diminished dramatically in size while some have vanished entirely.
The average number of stores per mall have changed dramatically over recent years as the Retail Apocalypse continues apace.
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Borders has shuttered its doors, filing for Chapter 11 bankruptcy protection in 2011 and liquidating 226 of its over 500 stores in the U.S. Borders proceeded with closing its remaining 399 retail stores with the last of them closing in September 2011. Barnes & Noble ended up acquiring Borders’ trademarks and customer list.
Anchor - Stores - Closing - Years - American
Anchor stores’ closing over recent years have accelerated the American mall’s steep decline. Thousands of anchor stores have closed and disappeared. From Macy’s to J.C. Penney to Sears, large department stores are closing down in major metropolitans nationwide. Other anchor stores such as Montgomery Ward & Co., Gottschalks, Goody’s Family Clothing, and Caldor have also struggled and filed for bankruptcy or no longer exist.
Eating places within malls have suffered as well during the precipitous rise in online retail. Sbarro Pizza closed 155 of its 400 restaurants in North America in order to cut costs, citing the steep drop in mall traffic for its financial troubles. Mrs. Fields Cookies has closed many of its locations in malls. Ruby Tuesday...
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