Mall Owners Today Are Stuck With Hard-To-Unload Properties
As mall owners pour money into top-tier malls to add experiential elements and other features unavailable online, the owners of a large number of lesser-quality malls are pushing to offload the struggling assets.
Trouble is, buyers are tough to come by, especially at anything close to the prices that sellers would like, Bloomberg reports.
Sales figures in the retail sector reflect the trend. According to Real Capital Analytics, only $3B in retail real estate sold in April, down 27% from a year ago, and the lowest monthly sales in the sector in more than five years.
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Dee Stribling, BisNow