Why are there abandoned malls?

Brick and mortar retail shops — especially niche stores — are becoming increasingly unprofitable. As a result, empty and abandoned malls are now almost everywhere. And whether they’re left to be overtaken by nature or simply remain frozen in time, these dead malls are equally mesmerizing and unnerving.

How many malls are abandoned?

In 2017, a report by Credit Suisse estimated that a quarter of the 1,211 malls dotting the American landscape would also close by 2022. It’s a nationwide issue, and Lawless’ book shows the effects in every part of the country, from Los Angeles to Birmingham, Alabama.

Why are enclosed malls dying?

The COVID-19 pandemic shattered the brick-and-mortar retail sector as consumers moved much of their shopping online. Developers, cities and towns are searching for ways to make use of already-dead malls, as many seek to convert their remains into affordable housing, offices and gyms.

How many malls are left in the US?

Number of shopping centers in the U.S. from 1970 to 2017 In 2017, there were approximately 116,000 shopping malls spread across the United States.

Are malls dying 2022?

And yet, they’re dying. A 2017 report by Credit Suisse predicted that 1 in 4 malls would close by 2022. That was before the pandemic.

Will malls make a comeback?

In 2022, however, multi-brand spaces are making a comeback. Shopping in malls, while still below pre-COVID levels, is on the rise again, with Black Friday shopping (the Olympics for us mallrats) last year up 83% from the year before.

Will malls go extinct?

Currently, only 1,000 malls are left in the United States. A report from Credit Suisse last year predicted that 25% of the remaining malls will be bankrupt by the end of 2022. A shuttered mall can be an eyesore for the community for many years because it takes so much money to redevelop the space.

Where is the world’s largest abandoned mall?

Located about 50 miles north of Hong Kong in Dongguan, China, the New South China Mall is the largest abandoned mall in the world by gross leasable area. Twice the size of United States’ Mall of America, it was opened with room for 2,350 stores in 7.1 million square feet of leasable space.