Q&A: How malls are becoming multi-use centers as COVID-19 speeds their demise

Article By JEFF COLLINS | Southern California News Group 

PUBLISHED: January 4, 2021 

Shopping centers are adding offices, hotels and apartments as e-commerce cuts into their foot traffic. 

“Retailers have been losing foot traffic for years as e-commerce takes an increasing share of sales,” Barclays reported. “COVID-19 has sharply accelerated this trend.” 

Fifteen percent of mall stores have closed this year, the report says. If that trend persists, 15-17% of malls will fail and may need to be redeveloped for other uses. 

We asked retail consultant Greg Stoffel how that trend is playing out in Southern California. 

• Q: What happens to ghost malls after the shoppers vanish? 
• Q: What Southern California malls already have been or are being redeveloped? 
• Q: How are they being reused? 
• Q: How are redeveloped malls in our region being reused? 
• Q: Which Southern California Malls are at most risk of closing due to COVID-19?
• Q: Barclays said some of the new developments aren’t as valuable as malls, with valuations dropping 60-90%. Is that the case here?
• Q: Looking 10 to 20 years down the road, will malls like South Coast Plaza, Fashion Island, the Beverly Center and Ontario Mills still be around? If so, how will they be different than today?

For the Answers to these questions go to https://www.marinij.com/2021/01/04/qa-how-malls-are-becoming-multi-use-centers-as-covid-19-speeds-their-demise/