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"We Are Extremely Over-Retailed" Picturing The Death Of America's Malls

Tyler Durden's picture




 

Starting in the mid-1990s, "the mall genie was out of the bottle," says one mall analyst, "and it was never going to come back." While about 80% of the country’s 1,200 malls are considered healthy (vacancy rates of 10% or less), that compares with 94% in 2006; and more than 30 million square feet of malls are more than 40% empty, a threshold that signals the beginning of what one one analyst called "the death spiral."

 

As The NY Times reports, like beached whales, dead malls draw fascination as well as dismay, "nobody ever thinks a mall is going to up and die," but as the following images show - dead or dying they are.

 

“It’s depressing,” Jill Kalata, 46, said as she tried on a few of the last sneakers for sale at the Athlete’s Foot, scheduled to close in a few weeks. “This place used to be packed. And Christmas, the lines were out the door. Now I’m surprised anything is still open.”

“I have no doubt some malls will survive, but major segments of our society have gotten sick of them,” said Mark Hinshaw, a Seattle architect, urban planner and author.

“It is very much a haves and have-nots situation,” said D. J. Busch, a senior analyst at Green Street. Affluent Americans “will keep going to Short Hills Mall in New Jersey or other properties aimed at the top 5 or 10 percent of consumers. But there’s been very little income growth in the belly of the economy.”

“We are extremely over-retailed,” said Christopher Zahas, a real estate economist and urban planner in Portland, Ore. “Filling a million square feet is a tall order.”

“Everybody has memories from childhood of going to the mall,” said Jack Thomas, 26, one of three partners who run the site in their spare time. “Nobody ever thinks a mall is going to up and die.”

Nearly 15 percent are 10 to 40 percent vacant, up from 5 percent in 2006. And 3.4 percent — representing more than 30 million square feet — are more than 40 percent empty, a threshold that signals the beginning of what Mr. Busch of Green Street calls “the death spiral.”

Industry executives freely admit that the mall business has undergone a profound bifurcation since the recession.

“Our business is more regional and high-end focused,” he said. “There are gradients of dead or dying or flat, but anything that’s caught in the middle of the market is problematic."

 

“The mall genie was out of the bottle,” Mr. Simmons said, “and it was never going to come back.”

Read more here...

 

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Mon, 01/05/2015 - 20:08 | 5625907 walküre
walküre's picture

AMZNification killed the mall genie

Mon, 01/05/2015 - 20:42 | 5625985 kaiserhoff
kaiserhoff's picture

Yes and no.  Malls are inconvenient.  Lots of aimless walking around, which is fine for bored teenagers and lazy housewives.

They also lost out to the big box stores where selection and price points are more predictable.

Mon, 01/05/2015 - 20:08 | 5625915 Skateboarder
Skateboarder's picture

Does that mean I can finally skateboard inside the mall?

Mon, 01/05/2015 - 20:11 | 5625931 wesson
wesson's picture

Yes you can, but due to anti-terrorist concern, taking picture is still not allowed.

Mon, 01/05/2015 - 20:27 | 5625973 Duc888
Duc888's picture

That's funny, I'm 52 and still take the Santacruz out for a spin in the evenings all over the halls of the old mill where my shop is currently located.

Full Tracker trucks, Road Rider 6's Rad pads and all. I had to take the Sky hooks off, last time I used those on this rig was about 1985 or so.

Mon, 01/05/2015 - 21:17 | 5626166 Skateboarder
Skateboarder's picture

@wesson: Math question:

If four duhmystik terrizz teenager skateboarders filmed three tricks in an abandoned mall with zero people around to give a hoot in a two-mile radius, what was the increase in the rate of donut consumption (donuts/hr) of the local PD that day?

@Duc888: I remember you mentioned your setup some time back - oldskool and rugged! Glad to see you still ride - it's one of the few remaining treats left for concrete dwellers. The act itself remains pure, though the 'industry' has been compromised by big players (Nike, Adidas, et al.). Skate gear will be highly valuable post-SHTF, in my opinion. Good stuff to stack up on.

Tue, 01/06/2015 - 00:41 | 5626818 Oh regional Indian
Oh regional Indian's picture

Hey SB, didja geddit?

Tue, 01/06/2015 - 02:27 | 5626971 Skateboarder
Skateboarder's picture

I did ORI, I'll get in touch soon.

Tue, 01/06/2015 - 18:14 | 5630046 Duc888
Duc888's picture

 

 

 

 

Tell me about it.

 

UNDRILLED 32 inch Santa Cruz deck on EBAY sold for $810.00   For a piece of fucking wood.

I've seen RMI cut out decks sell upwards of $400 for a piece of oak.

I missed a bid on NOS "REAL" Road Rider 6's....they sold for $125 a pop.  Kinda tough to shell out $500.00 for four pieces of urethane (no bearings).

Ouch.

I tell ya, Old synths, even up into the MID 1980's (if ya know what you're looking at) and REAL (not fake) NOS Skateboard stuff from the mid 70's to mid 80's is where it's at, investment wise.

Mon, 01/05/2015 - 22:16 | 5626357 SAT 800
SAT 800's picture

If you mind getting shot 19 times by the private security, 'who thought they saw something shiny in your hand:".

Mon, 01/05/2015 - 20:09 | 5625921 cart00ner
cart00ner's picture

At least the homeless will have somewhere to squat when they cant pay the mortgage.

Mon, 01/05/2015 - 20:22 | 5625959 Escrava Isaura
Escrava Isaura's picture

 

 

Some of the small malls are becoming churches around DC metro area.

Can’t imagine around the nation.

 

 

 

Mon, 01/05/2015 - 21:36 | 5626219 A Nanny Moose
A Nanny Moose's picture

Movie theater just moved to a bigger better location in a brand new outdoor mall. Old building is now one of those Church-in-a-Box places. Hope they kept the cushy seats.

Mon, 01/05/2015 - 22:03 | 5626314 Ness.
Ness.'s picture

Hmmm... 

ARNHEM, Netherlands—Two dozen scruffy skateboarders launched perilous jumps in a soaring old church building here on a recent night, watched over by a mosaic likeness of Jesus and a solemn array of stone saints.

This is the Arnhem Skate Hall, an uneasy reincarnation of the Church of St. Joseph, which once rang with the prayers of nearly 1,000 worshipers.

It is one of hundreds of churches, closed or threatened by plunging membership, that pose a question for communities, and even governments, across Western Europe: What to do with once-holy, now-empty buildings that increasingly mark the countryside from Britain to Denmark?

...the Roman Catholic Church, which still owns the building, is trying to sell it at a price they can’t afford.

Can I get an Amen!?

http://www.wsj.com/articles/europes-empty-churches-go-on-sale-1420245359
Tue, 01/06/2015 - 01:49 | 5626929 Rock and Hard Space
Rock and Hard Space's picture

Nice 'burb of De'toilet and we've had churches in strip malls for at least a decade.

Don't doubt how far we have already fallen.  I drive all over this state and the loss and devastation is heart-wrenching.

Government connected, unions, doing ok and spending.  Some little guys trying to keep ahead by spending.  Most are wondering how in the hell they can pay their cell phone and heating bills next month.  Welfare/very low income momma's doing pretty well, spending baby daddy's/boyfriends checks right along side their EBT card at the Walmart, or local liquor store if they are true ghetto residents.

The minute the giant Ponzi in Washington and New York falters, we in the middle are going to go tits up fast.  Faster than most can imagine.

Peace to you

Mon, 01/05/2015 - 20:09 | 5625923 Chad_the_short_...
Chad_the_short_seller's picture

yet iyr hits new highs every day

Mon, 01/05/2015 - 20:11 | 5625924 JPM Hater001
JPM Hater001's picture

Tick tock

Mon, 01/05/2015 - 20:10 | 5625928 fascismlover
fascismlover's picture

Welcome to the new tenament style housing.  30 bunk beds per store and many stores per mall.  Many malls per city and just like that, two near future problems have been solved!  Rental rates will probably even go up.

Mon, 01/05/2015 - 20:13 | 5625933 Son of Loki
Son of Loki's picture

Many suburbs have turned to slums with few solid consumers actually shopping. Teens and thugs hang out there now. This has been happening for awhile now:

"It's been apparent for a number of years now that—due to widespread demographic and economic trends—the suburbs, once the idyllic home to upper middle class members and aspirants, are becoming the new slums. How's that trend developing? Just fine, thank you."

http://gawker.com/5853251/the-suburban-slum-era-has-arrived

Mon, 01/05/2015 - 21:03 | 5626099 p00k1e
p00k1e's picture

You bring up a good point.

Violent change is at hand.  

Small children will make a game out of crushing teeth searching for rare dental gold.  

Mon, 01/05/2015 - 21:20 | 5626170 serotonindumptruck
serotonindumptruck's picture

Another reason to stay home and shop online:

Our local mall doesn't allow concealed carry. Fuck 'em. 

Mon, 01/05/2015 - 22:21 | 5626380 SAT 800
SAT 800's picture

Exactly; whereas my home office and computer desk, do allow open carry; no contest.

Mon, 01/05/2015 - 21:35 | 5626215 Berspankme
Berspankme's picture

I never have gone to malls and the wife won't go anymore because the little obama thugsters hang out there looking for trouble. Forward

Mon, 01/05/2015 - 22:50 | 5626505 L Bean
L Bean's picture

Oh ffs just say niggerz and be done w it. EMBRACE the hood, dipshet.

Mon, 01/05/2015 - 20:14 | 5625937 are we there yet
are we there yet's picture

Obama shopping malls, with lots of something for nothing Obama promises.  The problem is that america is running out of young white people to pay for stuff and support welfare.

Mon, 01/05/2015 - 20:21 | 5625945 Handful of Dust
Handful of Dust's picture

The fellows pushing their book today on NPR said there's a new 'white flight' happening; namely, whites movng back to the city for good paying jobs while they leave the multicultural suburbs behind.

I know at least two malls in the 'robust growth' area of Austin that have shut down due to soaring crime in them when I lived there a while back. I knew there was trouble when the police started to ride horses around the mall for fear of  diverse peeples' riots.  From what I read it's only gotten worse there.

 

http://en.wikipedia.org/wiki/Highland_Mall

Mon, 01/05/2015 - 21:09 | 5626133 meistergedanken
meistergedanken's picture

Finally, someone mentions the substantial black contribution to the malaise. Randall Mall, the biggest mall in the world when it was constructed near Cleveland in 1976, just officially closed. But even in the 80's, you knew never to use the bathrooms there because they were gang infested, and most of my friends stopped going there in the mid-80's when one of them got stabbed because he wouldn't move out of the way for some black teens. The blacks killed City Center in Columbus too, and Franklin Mall in Toledo, and so on, etc.

Mon, 01/05/2015 - 22:12 | 5626346 Oldwood
Oldwood's picture

Holder says we are cowards because we don't talk about race in this country. He may be right as whenever we do, we get our heads kicked in while being called racists. Go figure. Blacks are not interested in resolving issues as they see the issues as their primary source of power.

Mon, 01/05/2015 - 22:11 | 5626341 post turtle saver
post turtle saver's picture

sheeyit Highland Mall was always the fucking ghetto mall... now it's going to be ACC, which is a step up imho and better use for the property...

btw, anything and I mean anything that's built close to a Greyhound bus terminal is going to end up being seedy as fuck... you can set your watch to it... same goes for Amtrak...

Mon, 01/05/2015 - 20:39 | 5626006 August
August's picture

>>>The problem is that america is running out of young white people to pay for stuff and support welfare.

For unknown reasons, they just aren't reproducing at replacement levels anymore.  Can't really say I blame them, either. 

If a younger-generation American asks me for my thoughts re jobs, the future etc., I just tell them to emigrate; this has irritated their parents a bit.  I should have told 'em to go into politics, or "banking". Or maybe become a movie star.

Mon, 01/05/2015 - 22:40 | 5626455 Freddie
Freddie's picture

Dumb white males watching TV, NFL, NCAA and NBA are chrring their extinction.  Idiots.

Mon, 01/05/2015 - 20:58 | 5626087 Stumpy4516
Stumpy4516's picture

To piggyback on "are we" and Dust:  The white buyers, which included many middle aged white women and 30's whites with kids started to become afraid of the mall.  (These were a segment who would go to the mall to shop a bit, have lunch and get out of the house in the middle of a weekday.)   At first security fought to keep the atmosphere safe but the trouble element became more confrontative.  Eating at the food court with their kids or a couple other women became unpleasant due to the new atmosphere, language and noise.  When groups were kicked out for general attitude, noise and being a nuisance local news portrayed it as racism.

Vehicles started being broken into and some shoppers were mugged or just assaulted in the parking lots.  Followed by shoppers being shoved or forced to squeeze against the wall while a group might walk by.  There were some fights or assaults on shoppers who stood up to the thugs within the mall.  The thugs just beat the shopper down and took off.  At that point a critical profit group left and did not return.  

The group that was left did all the hanging out in the mall but instead of buying they steal and are entertained with vandalism and harrassing the lowly security staff.  I even became uncomfortable walking out after dark. 

 

Mon, 01/05/2015 - 21:17 | 5626162 meistergedanken
meistergedanken's picture

Yes, yes , yes. See my comment above. If only these truths would work their way into the articles. Successful malls offer high end products because the scum can't buy them and they stay away (although my cousin in loss prevention at Nordstrom still apprehends many), a weird analogy to nice real estate markets that force upon the would be buyer the "black tax", forcing you to pay $30,000 to $50,000 more for a house to live in a "decent" neighborhood...that just coincidentally happens to be all white.

Mon, 01/05/2015 - 21:03 | 5626106 OldPhart
OldPhart's picture

"Obamall's" the retail equivalent of Obamaville's.

Mon, 01/05/2015 - 22:54 | 5626523 arby63
arby63's picture

I like that. We "Obamalled some joints"

Mon, 01/05/2015 - 20:15 | 5625938 Peter Pan
Peter Pan's picture

The closing of malls (sad as it may be to some) is surely part of the creative destruction demanded by a free market.

The trend is a healthy one particularly if the consumer regains his first and foremost identity as a human being.

Perhaps these malls can be modified so as to cater for the homeless.

Mon, 01/05/2015 - 20:25 | 5625966 CH1
CH1's picture

the creative destruction demanded by a free market.

A free market? Is that like a unicorn?

I guess several Silk Road style markets still exist on the Internet, so there's that. And there's always black marketing and smuggling going on, so there's that.

But a public, open free market? Forgetaboutit. Not permitted.

Mon, 01/05/2015 - 20:55 | 5626072 Peter Pan
Peter Pan's picture

There has never been a totally free market, but a distinguishing feature of a freer market has always been to allow failures to take place.

Mon, 01/05/2015 - 22:48 | 5626491 CitizenPete
CitizenPete's picture

How could there ever be a free market when a central bank controls the quantity of fiat and a corrupt government in bed with special interests makes bad legislation consistently resulting in moral hazard or unintended consequences at best. Free markets - Where? When? Free Markets are an Austrian School Therory

Mon, 01/05/2015 - 20:20 | 5625940 Buster Cherry
Buster Cherry's picture

WestOaks Mall at the west side of Houston used to be ok until apartments were built around its perimeters. Then all the transient type people who never owned a thing in their life brought their culture to the place and people stopped coming.

I worked at the Galleria mall for 15 years in operations and we kept the place 1st class, then the property was sold to Simon Properties. The place looks like a filthy shithole now, though there is some remodeling going on.

With the way things are going on with oil and markets, I wonder if the job will be completed and if so, if the mall will generate enough revenue to make it worth it. I think it will be a ghost town in a year.

I feel safest at Memorial City and Katy Mills malls.

Mon, 01/05/2015 - 22:43 | 5626475 lakecity55
lakecity55's picture

When I am home from Travel, I always go to an older mall where there is now loads of spent brass from Hi-Points to stock up on in the parking lot.

Mon, 01/05/2015 - 23:19 | 5626620 Never One Roach
Never One Roach's picture

You bring up a good point. My former realtor said never buy a house near apartment complxes OR a mall OR a hospital. She said those areas usually turn to ghettoes serving the low paid employees who work as jantiors etc in the hospital, mall, etc.

Problem is many cities now force builders to add an aprtment complex [or two or three] to their development. It's getting much harder now to find a reasonably crime-free place to live, not to mention the overpricing on the house itself.

 

It's sad but this country still has a huge crime problem. I'm with the guy/gal above; I do 90% of my shopping online now.

Mon, 01/05/2015 - 20:19 | 5625952 Smegley Wanxalot
Smegley Wanxalot's picture

I cant even remember when I was last at a shopping mall.  I think 4 or 5 years ago ... and I bought nothing.  Prior to that was 2 years inbetween.

Malls suck.

 

Mon, 01/05/2015 - 20:22 | 5625956 lasvegaspersona
lasvegaspersona's picture

At least we got Valley Girl Talk from that era. Where would Moon Unit be if not for that?

Mon, 01/05/2015 - 20:26 | 5625967 Citxmech
Citxmech's picture

Where the hell is Moon Unit now?

Mon, 01/05/2015 - 22:42 | 5626467 lakecity55
lakecity55's picture

Diging a shelter in the Mare Imbrium.

Mon, 01/05/2015 - 20:23 | 5625958 ncdirtdigger
ncdirtdigger's picture

Could it have something to do with the roaming gangs? The strolling heffers and baggy pants crowd?

Mon, 01/05/2015 - 20:26 | 5625972 Kaiser Sousa
Kaiser Sousa's picture

buy the dip.

Mon, 01/05/2015 - 20:28 | 5625976 hooligan2009
hooligan2009's picture

i see dead people!

well not really, these are just tomorrows warehouses for internet distribution centres.

succesful malls just need to co-ordinate the two (internet and physical shopping) preferably with robot shopping assistants and automatic credit card payments at the exits (no counters).

Mon, 01/05/2015 - 21:24 | 5626187 Hungarian Pengos
Hungarian Pengos's picture

I love this idea.  Instead of building new warehouses with 28-foot ceilings, why not buy a dead mall for $1 and turn it into an Amazon distribution center?  You could even open up the food court for employees to visit on lunch break.

Mon, 01/05/2015 - 23:58 | 5626734 Charming Anarchist
Charming Anarchist's picture

Eventually, employees will want a pharmacy, a book-store and perhaps a clothing outlet too ---- just for old time's sake! 

Mon, 01/05/2015 - 21:32 | 5626204 effendi
effendi's picture

I don't see the malls becoming warehouses for internet distribution. It is much cheaper to build a purpose built warehouse with huge clearspan floors and rows of racks to rack/stack pallets 9 high using computerised stock picking. 

The problem isn't that the malls are outdated or the consumer is tapped out. The problem is that far too many were built. Australia is just as wealthy and westernised as America and we have one seventh the retail floor space per capita compared to some US states. 

You could close half of your malls and big box stores and you would still have too many.

Mon, 01/05/2015 - 22:33 | 5626417 SAT 800
SAT 800's picture

Yes; this is correct. Coming back here from Brisbane; where i originally went as a tourist, was one of the worst mistakes I made in my life. Surfers Paradise; outside Brisbane, wow. just wow.

Mon, 01/05/2015 - 20:28 | 5625977 DaveA
DaveA's picture

Time to go on Netflix and watch George Romero's Dawn of the Dead, where zombies swarm a deserted shopping mall "because they sense that it was once a very important place for them".

Mon, 01/05/2015 - 20:30 | 5625981 Dre4dwolf
Dre4dwolf's picture

The irony, China is building empty malls and cities.

and

Old American malls and cities are emptying.

 

Mon, 01/05/2015 - 20:34 | 5625991 WTFUD
WTFUD's picture

The Malls got Mauled!

Nasty plastic cheap shite and that's just the FOOD.

' Athlete's Foot ' Indeedeeeeeeee YUCK

Mon, 01/05/2015 - 20:38 | 5625998 insanelysane
insanelysane's picture

Malls will die the moment Walmart starts building 2 floor Super Duper Walmarts.

Mon, 01/05/2015 - 20:37 | 5626003 smacker
smacker's picture

With the collapse of "consumerism" in America due to misguided govt policy and bankster fraud/corruption, it won't be long before Americans move on to the next phase: obsession with SEX, which I believe is pretty much the final stage of societal collapse.

But fear not, England is way ahead of you on this. What, with Prince Andrew allegedly having had sex with an underage girl, Prince Charles having been a close friend  of the serial pedophile Jimmy Savile, MSM obsessed with all the variations of sexual proclivity, including gay marriage and EU countries including prostitution in their GDP, we are surely not far from an implosion.

Then the political elites can be purged and renewal can begin.

Mon, 01/05/2015 - 22:41 | 5626459 lakecity55
lakecity55's picture

"Obamaramius, will you be at the vomitorium tonight?"
"Yes! Reg and I will be at the Homotorium first, though."

Mon, 01/05/2015 - 20:41 | 5626019 cn13
cn13's picture

Once the game rooms closed it was all downhill.

 I miss my pinball.  And I was pretty damn good at Asteroids and Donkey Kong

 If I could snag an Asteroids machine with a good buzz, I could play all day or until my Walkman batteries wore out.

 And then I drove home in my best friend's red Firebird.

 Those were the days.

 

Mon, 01/05/2015 - 20:47 | 5626040 Pareto
Pareto's picture

+1 Same story - different game:  Kickman.  Loved it!  Froze up several machines on $0.25.  Misspent youth.

Mon, 01/05/2015 - 22:38 | 5626451 lakecity55
lakecity55's picture

Spaced Invaders, ahhh, the memories...

Mon, 01/05/2015 - 22:42 | 5626465 arby63
arby63's picture

Sounds familiar. Those were fun times. We used to play some games and then to go York Steak House to eat a cheap burger or chopped steak. We could get out of there for about $6.50 for a great meal. The maybe hit a matinee for about $3.50.

Mon, 01/05/2015 - 20:40 | 5626022 Big Corked Boots
Big Corked Boots's picture

Odd that the Short Hills Mall is cited as successful.

http://www.nj.com/essex/index.ssf/2014/11/released_surveillance_video_sh...

The place is a honey-hole for the Norwegians who can make a 15 minute dash back to Newark to enjoy thier booty. I had Taubman as a client and while they ran a nice looking place they cannot control the environment they operate in.

 

Mon, 01/05/2015 - 20:43 | 5626026 Fuku Ben
Fuku Ben's picture

America's beginning to look a lot like China
Everywhere you go;
Take a look at Detroit & New Haven, crumbling once again
With Asian Aeroplanes and power plants aglow.

It's beginning to look a lot like China,
No toys in empty stores,
But the ugliest sight to see is the homeless that will be
On your own front doors

A pair of lace up boots and a pistol that shoots
Is the wish of America and Ben;
Dolls that will talk and will go for a walk
Is the hope of Janus and Satan;
And the Elite and Minions can hardly wait for the world to start again.

It's beginning to look a lot like China
Everywhere you go;
There's a tree in the Kabbalist Hotel, one in the Synagogue as well,
The sturdy kind that doesn't mind the nuclear snow.

It's beginning to look a lot like China;
Soon the bells will start,
And the thing that will make them ring is the tune that Saturnians sing
Right within their evil heart.

https://www.youtube.com/watch?v=g9yfZBZdQaM

Mon, 01/05/2015 - 20:48 | 5626041 p00k1e
p00k1e's picture

Fair post.

This is why Sears remains ‘dead man walking’. The only retail that can fill the vacuum is Wal-Mart.

Wal-Mart should take over the mall spaces of Sears. Put the hit on Macy’s & Nordstrom. Unload luxury goods to the masses. Why should we have to pay $50.00 for a bottle of cologne if Wal-Mart can bring it to us for $15.00?

We can all think of three good ideas for these unused spaces. However, they are left to rot. Those empty malls represent ‘negative’ interest rates, deflation, the coming war.

Mon, 01/05/2015 - 22:29 | 5626406 arby63
arby63's picture

That's because about 99.9% of them are owned by Tribal members. They work the bankruptcy system through the courts, local governments and their bankster brothers. The towns suffer but they walk.

Mon, 01/05/2015 - 22:41 | 5626458 talisman
talisman's picture

Why should we have to pay $50.00 for a bottle of cologne if Wal-Mart can bring it to us for $15.00?--
probably because wnat you get at Walmart is a cheap knock-off??

Mon, 01/05/2015 - 20:51 | 5626050 Bemused Observer
Bemused Observer's picture

Malls represent centralization. I have always hated them. I'm glad they are in trouble, I hope they die off altogether.

I welcome ALL signs that people are rejecting things as they are. While big malls may not be able to hoover-up enough money to stay profitable, I'll bet those neighborhoods CAN support a handful of small, local businesses now.

Turn them into community-run space for local activities, or let locals open a 'market' where they can rent space cheap and have yard sales, or offer goods and services to their neighbors.

That way you put the properties to use so they don't deteriorate, and the communities benefit at a time they REALLY could use it.

Or they can carry on with the present course and continue to hound small entrepreneurs with their endless rules, regulations, fees and Byzantine tax laws, and let the empty malls rot where they stand.

Business property should not be allowed to sit vacant. If it isn't being used, people in the area should be allowed to apply to use it in return for a very favorable rent, which can paid to the owner, or held in escrow pending a decision on who should get it. But the property, once physically abandoned by its owner, should, as business property, be immediately put back to business use for the good of the whole community. Both in having active businesses THERE, and in the revenue from business generated.

Not confiscated, let me be clear. But whatever issue the owner is having should be his problem to solve, it should never be allowed to hold everyone else back. The new user will pay him a fair amount while he decides what he wants to DO with the property. But as business property, it rightfully belongs to 'the commons' as far as its USE goes, and should be used as such. Not left vacant as an eyesore that drives property values down.

Mon, 01/05/2015 - 22:20 | 5626377 lakecity55
lakecity55's picture

Comrade! Small Business is not allowed in Hillary's AmeriKan Soviet!

No soup for you today!

Mon, 01/05/2015 - 23:13 | 5626598 DaveA
DaveA's picture

During the Asian Contagion of 1997, I read about malls in Thailand going bankrupt and peddlers paying $2/day to hock clothes in the parking lot. I guess letting them sell indoors would involve too many fixed costs -- AC, lighting, running water, insurance, debt payments...

As long as you let a building sit vacant, you can pretend it's worth $1000 a square foot. If you rent it out to local small business, you'll have a much more realistic measure of its value, which you don't want.

Mon, 01/05/2015 - 23:56 | 5626731 forwardho
forwardho's picture

Ah I see, vacent malls are AAA+ rated assets.

Good catch Dave.

Tue, 01/06/2015 - 00:38 | 5626813 Cognitive Dissonance
Cognitive Dissonance's picture

Mark-to-myth is so much more marketable than mark-to-market.

Mon, 01/05/2015 - 20:54 | 5626071 bigrooster
bigrooster's picture

Ah but they will make excellent FEMA camps!  Bread and Circus for everyone, oh and a free Obamaphone.  Is it not insane that free phones are actually named after the first black President?  It is almost as if it was planned...

Mon, 01/05/2015 - 22:20 | 5626368 lakecity55
lakecity55's picture

haha, you beat me.

"Yes, Comrade, report to Sec. 124 down the way. They have the salt mine assignments."

Yep, the ole mall was now a cubicalized FEMA Center, with razor wire and rabid guards with the Bath House Logo patch.

Mon, 01/05/2015 - 23:54 | 5626724 forwardho
forwardho's picture

The phone are in no way "free"

Check your phone statement chief, YOU are paying for those phones.

Pisses me off every GD month.

Tue, 01/06/2015 - 04:20 | 5627062 EastCoast90
EastCoast90's picture

The phone program existed long before Obama.

 

http://www.fcc.gov/lifeline

Mon, 01/05/2015 - 20:58 | 5626085 BullyBearish
BullyBearish's picture

Future adult daycare centers...

Mon, 01/05/2015 - 21:17 | 5626168 p00k1e
p00k1e's picture

Excellent idea. 

If the structural integrity of the buildings remain intact, cram the Baby Boomers into those spaces.    We can’t have them wandering into roads. 
  

Mon, 01/05/2015 - 21:00 | 5626088 Bobportlandor
Bobportlandor's picture

Over advertised!

 

Wake up in the morning and turn on the radio and you have a 50/50 chance of a commercial playing.

 

Midnight to early AM hours these fools want me to get out of bed and call them right now for a deal of a lifetime.

 

 

Mon, 01/05/2015 - 21:08 | 5626130 khakuda
khakuda's picture

At least radio is free. How about a 50% chance of turning the TV on to an advertisement for a channel as you're ready paying for in you $100 a month pay tv bill?

Mon, 01/05/2015 - 22:27 | 5626394 arby63
arby63's picture

You mean Dinovite, Texas Super Food, Bravado, something to cure your already enlarged prostate, something to make your dick hard constantly, IRS threat commercials, loan sharks, pawn shops wanting your gold, PSA's that threaten you about seat belts and what not, ambulance chasers that sound like they are doing the world a favor, cars at 0% interest for 72 months, "retail is for suckers" ads that claim to nearly give away top-notch furniture, etc?

Oh, they sicken me. Especially first thing in the morning when all I want is a little weather report and some local news. I have turned my back on 99% of all media. It all sucks. Radio, TV, newspapers, internet, et. al. Horrible.

Mon, 01/05/2015 - 21:01 | 5626090 RaceToTheBottom
RaceToTheBottom's picture

I think that Malls will still be prevalent.  It is just that Macy's will be replaced by Goodwill...

Tue, 01/06/2015 - 00:25 | 5626794 dvfco
dvfco's picture

It's really all the same shit they sell, Macy's - Goodwill, etc.  The only difference is that of a new car to a 'pre-owned'.

Instead of Obama-Care, we could enforce Obama-Carrriers.  Outlaw any non-government-owned delivery service.  We'd be running back to the malls in no time flat.

Mon, 01/05/2015 - 21:06 | 5626103 khakuda
khakuda's picture

Hmm. 2 day shipping from a warehouse in a low rent district to my door or hours spent trying to locate an item and then having the privilege of paying up for the experience to cover real estate and staffing costs of the 1980s time warp?

Mon, 01/05/2015 - 21:27 | 5626192 p00k1e
p00k1e's picture

A mall has the potential to be a manufacturing, warehouse and distribution point.  A 'Tech-Center' campus if you will.   

Think KKD.   

But I think so-called multiculturalism will fail and once the suburbs go over the falls, we’ll see vast wastelands run by warlords and tribes.  Centralized humanitarian services will be offered in the cities, with bus routes!  Ha Ha. 

Mon, 01/05/2015 - 21:06 | 5626114 vincenze
vincenze's picture

Stupid zoning laws and restrictions that prohibit small retail businesses in neighbourhoods.

You go to Europe, Mexico, Asia and see small produce stores everywhere right near houses. People buy bread, milk, meat every day.
In America, you have to drive 30 minutes to a big plaza with Costco, Sears, etc.

Mon, 01/05/2015 - 21:11 | 5626144 Dead Man Walking
Dead Man Walking's picture

Doom porn.

I get it that many malls may close, especially the bad ones,  BUT 3% of malls more than 40% empty is not exactly armageddon. 80% are 90% or more filled.

Mon, 01/05/2015 - 21:38 | 5626223 p00k1e
p00k1e's picture

You tell ‘em.  Detroit is on the verge of a comeback too.

Doom Porn:::…  

Curtis Mayfield - Pusherman

https://www.youtube.com/watch?v=hCDAfa-NI-M

Mon, 01/05/2015 - 22:11 | 5626339 SAT 800
SAT 800's picture

So; "Dead Man Walking" means you're an optimist ? don't have any time for "doom porn" ? uh-huh. one of us is confused.

Mon, 01/05/2015 - 21:14 | 5626155 Who was that ma...
Who was that masked man's picture

I hereby christen the word, "MALLARIA" as meaning the mall killing disease spreading across the country and soon to affect a mall near you.

Mon, 01/05/2015 - 22:11 | 5626343 SAT 800
SAT 800's picture

Hey; let's trademark that, and write an i-app. for it !!! let's get together with the Venture Captial guys for a power lunch.

Mon, 01/05/2015 - 21:14 | 5626156 yogibear
yogibear's picture

Where are the Chinese central planners?

If they were running this these would have been remodeled ghost malls. 

Mon, 01/05/2015 - 21:14 | 5626157 RSDallas
RSDallas's picture

People,

I just don't how much this actually has to do with our economy.  I am 51 and have never liked nor shopped at any mall anywhere.  I take the kids there when it rains.  Other than that, I think millions of other people do not have any use for a mall.  Wait, I do occasionally go to a movie there.  Why go to Dillards, Nordstroms or whoever when you can go to their clearance stores and pay pennies on the dollar for the same stuff they are selling in their stores in the mall?  It's not the economies fault if we don't need malls.  Why can't a mall go through the same cycles as any other business.  When you're hot you're hot when you're not you're not.  Just another example as to why the government and Fed should go back to the theory of sometimes you win sometimes you loose.  Not sometimes you win other times you get bailed out.  The financial idiots are learning that there are very few, if any, assets that should be financed for more than 15 years.  That's where we are headed.   

Mon, 01/05/2015 - 21:19 | 5626169 yogibear
yogibear's picture

The Salvation Army thrift stores are crowded.

Go on Craigslist and you'll find plenty of great deals.

Some almost new furniture for practically free.

Baby boomers are trying to empty their homes and downsize.

The buying stuff days are over.

Mon, 01/05/2015 - 21:44 | 5626247 Supernova Born
Supernova Born's picture

Bedbugs actually free.

Tue, 01/06/2015 - 02:34 | 5626977 Ward no. 6
Ward no. 6's picture

i never go to thrift places...

i think it is strange to go there unless u r really poor or something

then yes that is the place

bothers me when ppl have decent income and shop there

huh, why there ?

 

Tue, 01/06/2015 - 06:03 | 5627115 U-P-G-R-A-Y-E-D-D
U-P-G-R-A-Y-E-D-D's picture

looks like you just outed yourself as the 10% and/or someone who wants to waste money

Mon, 01/05/2015 - 21:20 | 5626173 Consuelo
Consuelo's picture

Mow 'em all down if it comes to that.   Plant some trees, dig out a sandbox and enjoy a few wide-open acres of ~real~ Fun.   Cheap maintenance too comparatively speaking, to a mall.   

Mon, 01/05/2015 - 21:23 | 5626186 jmaloy5365
jmaloy5365's picture

Malls are dying because thats where the middle class use to shop.

Tue, 01/06/2015 - 08:37 | 5627258 Snoopy the Economist
Snoopy the Economist's picture

Yes...when we had a middle class.

Mon, 01/05/2015 - 21:38 | 5626224 Spungo
Spungo's picture

Why do abandoned things always have old tires laying around? Who goes out of their way to drive to the mall just for the sake of dumping used tires?

Mon, 01/05/2015 - 22:19 | 5626365 arby63
arby63's picture

Excellent question. I have no answer but often wonder.

Mon, 01/05/2015 - 22:25 | 5626391 SAT 800
SAT 800's picture

The same people who get in fist fights in the parking lots of cowboy bars on Friday nights; people you don't want to know.

Mon, 01/05/2015 - 21:42 | 5626240 Brutlstrudl
Brutlstrudl's picture

Boomers be selling, not buying, and the peoples coming up behind them don't hve the numbers or the quality jobs to take their place

Mon, 01/05/2015 - 21:44 | 5626245 wisebastard
wisebastard's picture

i got a mall for sale anyone want to buy it. or I will trade for a beagle and a hot cup of coffe 

Mon, 01/05/2015 - 21:51 | 5626272 p00k1e
p00k1e's picture

All kidding aside, American shopping malls will go for one Gold Eagle.

Mon, 01/05/2015 - 22:22 | 5626384 SAT 800
SAT 800's picture

Only if the owner can find an extremely dim guy with a Gold Eagle.

Mon, 01/05/2015 - 21:51 | 5626276 q99x2
q99x2's picture

Green shoots

Mon, 01/05/2015 - 21:53 | 5626278 kowalli
kowalli's picture

Why are you even need malls? You have stocks and paper gold... stupid yankins are thinking about malls xD

Mon, 01/05/2015 - 22:08 | 5626329 gad-fly
gad-fly's picture

So it would seem that NY Times wants to take as many businesses as possible with it when dead tree newsprint goes byebye.

I guess that it is time to get rid of my GGP stock.

 

Mon, 01/05/2015 - 22:21 | 5626331 Pullmyfinger
Pullmyfinger's picture

Just thinking on the fly, my first thought is that it might be most appropriate at this time for enterprising developers to start rethinking purposes here, and turn many of these growing ghost-markets into intentional-community arcologies, say, like prepper enclaves that would have enough room to grow all their own food indoors in structures that already come with easily secured entrances, a fitness center, and a cinemaplex or two, etc., etc. I bet it would be far easier to sell shares in corresponding "survivalist" co-ops today than many believe, even at this late date. After all, we can't all afford to live in condominiumized missil silos at a $million or so a pop. Let's not kid ourselves. 2015 is going to scare the pants off a whole mess of people.

Any takers? I claim dibs on first choice for occupancy! : )

Mon, 01/05/2015 - 22:28 | 5626403 serotonindumptruck
serotonindumptruck's picture

Hmm...survivalist communes, eh? Intriguing concept, although the regulatory or taxing oversight from any bureaucrats would likely destroy the project.

It would also have the potential of becoming a real life Dawn of the Dead scenario in a SHTF reality. The starving hordes would know where the food is, and they would show up.

Mon, 01/05/2015 - 23:03 | 5626544 Pullmyfinger
Pullmyfinger's picture

.

Mon, 01/05/2015 - 23:00 | 5626547 Pullmyfinger
Pullmyfinger's picture

I'm thinking that's maybe too hollywood a scenario. In the final analysis, starving people are much too weak to take on the additional stress of conflict in large numbers. Normal security measures remain in force.

However, given that most malls are in a suburban environment, a great many previously valuable things in potential trade for food would/will most certainly come out of the woodwork. I guess there's some irony in that, given that the mall would remain a potential marketplace --for the very reason that it collapsed as one in the first place.

Good food for thought.

Mon, 01/05/2015 - 23:01 | 5626552 Freddie
Freddie's picture

People involved also put a bullseye on themselves.   You do not want to advertise that you are a prepper or join a community like that.

Some of these comments about repurposeing these malls is really stupid.   The middle class died.  It is not coming back any time soon if ever.  The USA is morphing into something like Brazil.

The malls are almost like Detroit. Not needed, serves no purpose, better off turned into prarie land.

 

Mon, 01/05/2015 - 22:12 | 5626348 uncle_vito
uncle_vito's picture

I hate malls.   Never gone to one in at least 10 years.   Parking lots are dangerous and gang members hang out in malls and have shootouts.   They should all be bulldozed.

Mon, 01/05/2015 - 23:09 | 5626580 SAT 800
SAT 800's picture

"They should all be bulldozed."---The Malls, or the gang members ? Personally, I'm all in favor of bulldozing the gang members; solve several problems at once.

Mon, 01/05/2015 - 22:18 | 5626369 boodles
boodles's picture

What to do with dead malls?

CHARTER SCHOOLS!  Every little store becomes a classroom.  Big stores become gyms and auditoriums.

Mon, 01/05/2015 - 23:38 | 5626697 Freddie
Freddie's picture

You do not need that space and the middle class died so you do not need charter schools.

Mon, 01/05/2015 - 22:19 | 5626374 Ned Zeppelin
Ned Zeppelin's picture

Symptoms of dying micro- economies not supported by the .01%. I've been pointing this out for a whiile, this gangrenous spread of dying retail and commercial "at the edges." Once they're gone, they won't be "repositioned." They just won't come back. Entire towns whose main economic activity is collecting government checks and waiting for their demise. It's all around you once you leave the big cities and their affluent suburbs. It looks like Mad Max.

Mon, 01/05/2015 - 22:35 | 5626410 cjt
cjt's picture

Are you kidding? Thank Amazon.  I have Prime and not driven to a mall in 2 years, the gas money paid for the service fee, plus you get rock bottom pricing EVERY TIME.  The question for this forum is what is going to Amazon Amazon... that's the place to make your bets.  Although I think putting your money in the bankrupt bank at ZIRP is also a good deal:)

Mon, 01/05/2015 - 22:43 | 5626478 Magnum
Magnum's picture

Amazon is full of counterfeit goods, whether you know it or not, and merchants pony up 15% fee so its really never the best deal.  I enjoy researching products on Amazon (to a certain extent) but avoid purchasing because you can almost always get it for less from the manufacturer, who is happy you found them because Amazsn's 15%.

Tue, 01/06/2015 - 02:29 | 5626973 Ward no. 6
Ward no. 6's picture

i agree with you

i don't think amazon is that cheap... esp when u research around

i always find a different places that sell for less

ppl think they are getting a deal there

suckers

is all i can say.

 

 

 

Mon, 01/05/2015 - 22:35 | 5626437 williambanzai7
williambanzai7's picture

See you in barter town...

Mon, 01/05/2015 - 23:12 | 5626592 SAT 800
SAT 800's picture

Where I'll be running a well-organized, and well guarded, store selling basic foodstuffs for Silver Coins. Silver; don't leave home without it.

Tue, 01/06/2015 - 04:22 | 5627064 Angus McHugepenis
Angus McHugepenis's picture

We mauled some folks...

Mon, 01/05/2015 - 22:41 | 5626462 q99x2
q99x2's picture

How's a fat person going to drive around in a cart and look for food items. Certainly can't forage off those grounds.

Mon, 01/05/2015 - 22:45 | 5626481 franzpick
franzpick's picture

It's the DEEtroit cancer, metastisizing to a location near you, and to many parts of the terminally-indebted country. And its spreading to the smaller strip centers, all of which in our desert cities CA area are in the 10-40% vacant category, and some 70-90% vacant: The new 'anchor' tenant in one of our 2008-built nearby strip centers on the main highway is the small H&R Block office, the only remaining business in the 12 store otherwise empty center. Most of the newly built strip centers here began in 2009 to lose new tenants before the centers were 50% rented.

And the 4 year vacant Sam's Club, next to the barely surviving Wal*Mart, in our largest big-box center, along with the nearby and still-empty Circuit City, BestBuy, Cadillac, Buick and several regional bank and restaurant locations, give a 'swiss cheese' appearance to shoppers, like, which store is the next empty hole to display a new 'For Lease' sign on the window.

Thrift stores are thriving: Goodwill builds a new storage wing and expands the store, the failed Ace Hardware is finally occupied by another thrift, the local police station is vacated to save rent and the force moves into empty space in the overbuilt and largely unoccupied city hall, Kroger closes the only grocery within 4 miles, postal annexes close on weekends and restaurants reduce hours to save labor costs: you don't need radar to see the retail, debt and spending contraction creeping into all areas of town, federal gov't. waste, overspending and borrowing notwithstanding.

Mon, 01/05/2015 - 23:22 | 5626642 SAT 800
SAT 800's picture

Franzpick; helluva screen name. famous quote; "Bonds are instruments of guaranteed confistication".  "No one could have seen this coming"---Ha, Ha. Shit. Greed goeth before a fall; well the greed part was fun; the fall part, probably not so much.

Mon, 01/05/2015 - 22:46 | 5626483 Magnum
Magnum's picture

Use them for sports.  Boxing, wrestling, tennis, basketball, etc etc etc.

Mon, 01/05/2015 - 22:47 | 5626486 Big Brother
Big Brother's picture

Starting in the mid-1990s, "the mall genie was out of the bottle,"

Interesting, the Mall of America was completed in 1992.  At the time it was the second largest mall in the US by area and largest by number of stores (the area will soon to be doubled with hotels and a bass-pro shop and maybe a spa or two).

The grandest structures are built right before the crash. But for the MOA it helps to build right next to an airport, two interstates and a location where snow can be on the ground six months out of the year.

It's not without it's troubles.  Please see link:

http://usatoday30.usatoday.com/money/industries/retail/story/2011-12-27/...

Mon, 01/05/2015 - 23:37 | 5626686 franzpick
franzpick's picture

The grandest structures are built right before the crash.

Maybe it's a longstanding human frailty: us investors in the 1970s-80s silicon valley prelude joked that when Hewlett Packard, Memorex, Varion and others announced the building of a new plant expansion, it was time to sell the stock, and the timing was right.

Mon, 01/05/2015 - 22:52 | 5626506 WTFUD
WTFUD's picture

Jesus was born in a Mall or was it a Stall? Waz always useless at histowy.

Mon, 01/05/2015 - 22:53 | 5626520 yogibear
yogibear's picture

Municipalities love these for taxes. When they close down and are bulldozed they lose revenue.

They'll have to charge higher taxes on everyone else for the fat government pensions  and pay.

Mon, 01/05/2015 - 22:55 | 5626526 soylentgreenispeople
soylentgreenispeople's picture

The Malls used to be a great place to sell drugs

Mon, 01/05/2015 - 22:55 | 5626530 WTFUD
WTFUD's picture

Finally a solution to close GitMo!

Are those Drones in Pic.2 or where Alfred Hitchcock filmed . . ?

Mon, 01/05/2015 - 23:02 | 5626553 arby63
arby63's picture

The Randall Park Mall outside of Cleveland has been vacant for many years. It is currently being torn down. This place was a very nice mall before the ghetto completely encroached:

 

http://money.cnn.com/2014/12/30/news/worlds-biggest-mall-randall-demolit...

 

Mon, 01/05/2015 - 23:12 | 5626578 Baby Eating Dingo22
Baby Eating Dingo22's picture

We've got a gargantuan mall catering to affluent. King of Prussia

Don't dare be seen in there without your North Face coat and your Ugg boots

Also helps if you can speak Chinese. That seems to make up half their customers, but dollar may be killing that bonanza

They have been doing well and surrounding malls are dying. Some malls bringing in restaurants and medical  services

But KOP getting cocky now, adding another 155k square feet after adding/converting about 50-60 a year ago.

Surely this is a top

There are two mega mixed use "villages" within 5 miles that have been struggling to get 5% complete since last RE bubble. After years of legal wrangling and money struggles, both are mostly empty lots just sitting for years  graded with a Wegmans and some occasional work on infrastructure. ZIRP is the only thing keeping them out of BK

 

The owner of the King of Prussia Mall unveiled its expansion plans yesterday. Simon Property Group announced details and showed off renderings of the already-underway expansion that will connect the two malls at King of Prussia, The Court and The Plaza.

The 155,000-square-foot expansion, which will be fully enclosed, is scheduled to be completed in the fall of 2016. The mall will also add a new parking garage “with speed ramps, space location technology and valet service.”

Here’s Why You Should Save Your Money and Skip Tory Burch’s New Fitbit Accessories

 

“The expansion of King of Prussia Mall will further enhance the shopping and dining experience of one of the nation’s largest and most compelling retail destinations,” Simon president David J. Contis said in a release. “Based on the success of luxury retailers like Cartier, Tiffany & Co., Hermes and Louis Vuitton, we’re seeing a strong interest from other luxury brands to join the King of Prussia roster of retailers. Interest by national and Philadelphia-area restaurants is also high.”

Sponsored Content

Resolve Your Resolutions

When the expansion is completed, King of Prussia will have more than 450 retail shops and dining options in 2.86 million square feet of space. Simon is also renovating the former Franklin Mills in Far Northeast Philadelphia, now named Philadelphia Mills.


Read more at http://www.phillymag.com/shoppist/2014/11/19/king-prussia-mall-unveils-e...

Mon, 01/05/2015 - 23:17 | 5626618 SAT 800
SAT 800's picture

I'm shorting Simon Property Group immediately; they're crazy; thanks for the tip.

Tue, 01/06/2015 - 04:04 | 5627057 Falling Down
Falling Down's picture

Up here in Armpitville, NY (Rochester), Wilmorite Corp recently got a sweetheart deal from NYS to build a casino in a shithole town out towards Syracuse. Methinks the well-connected Wilmot family are reading their tea leaves, and know bricks and mortar retail is dead (they own several malls, here and elsewhere). So just pay off some corrupt NYS assholes, and get inti the casino husiness. 

Problem solved. Build a casino, dump a few malls within 5 years.

Mon, 01/05/2015 - 23:11 | 5626597 JMT
JMT's picture

Certainly not the case in the NYC metro area or in eastern Mass. On Long Island, try finding a parking space at the Roosevelt field mall during any weekend (not including the holidays ) or at Garden State Plaze in Northern NJ..  Even the stores in these so called 'mini' or strip malls are packed..   In eastern Mass near Boston Assembly row just opened in Medford MA and something that is so much the antithesis of 'mall culture' there is a new T stop right nearby..  Now these places are so called outdoor 'lifestyle centers' (great idea when the high temperature is under 50 degrees at least 6 months out of the yaer BUT of course all these 20 somethings who are supposedly so broke are wearing their $700 Canadian Goose coats...  These people in New England & Long Island LIVE for shopping even if they are paying $10,000 or more a year in property taxes on their 50 year old home -- seriously some of the most vapid , materialistic peop;le in this area who judge others by what they wear & car they drive. 

Mon, 01/05/2015 - 23:19 | 5626626 SAT 800
SAT 800's picture

$10,000 a year in property taxes--" thank you Jesus for not letting me be born stupid. What's wrong with these people ? That's not a tax, that's rent.

Tue, 01/06/2015 - 00:01 | 5626742 Rock On Roger
Rock On Roger's picture

Look at me.

Look at me!

Mon, 01/05/2015 - 23:13 | 5626605 duck dodgers
duck dodgers's picture

Those look like they'd be fun places to bash my traxxas around now!

Mon, 01/05/2015 - 23:13 | 5626606 F em all but 6
F em all but 6's picture

FEMA just solved its anicipated overflow problems with its camps. Only thing missing are the crematoriums.

Mon, 01/05/2015 - 23:20 | 5626627 I Write Code
I Write Code's picture

It's a mixed bag here in Los Angeles, one overflowing mall is five miles from an abandoned mall, and it doesn't seem directly related to the immediately surrounding neighborhoods or the availability of parking or much of anything.

The mid-level malls are having the most problems, it seems, and let's see how even the hot malls do coming into 2015.  Retail continues a downtrend, but cheaper gas may help - or not, if people just use it to buy new smartphones to shop on.

It's called the Internet and it may be here to stay.

Maybe if we outlawed UPS and FedEx, it would help the malls.

 

 

Mon, 01/05/2015 - 23:29 | 5626640 Thirtyseven
Thirtyseven's picture

Any Marylanders here? Almost all of those pictures are from my home state.  NSA probably knows this, but I once lived maybe ¼ mile from that mall.

Tue, 01/06/2015 - 03:25 | 5627021 Jayda1850
Jayda1850's picture

I'm done with all the big brick and mortar stores in our area. Went towsontown center to get some shopping done. Walked all 4 floors and only really looked in 2 stores, only buying anything in 1. Couldn't find a good leather jacket anywhere, so decided to go to burlington coat factory in hunt valley mall. First time being in a burlington coat factory, you can understand my bewilderment at finding that their men's coat section is, literally, just 2 racks with not a single real leather coat to be found. I know because I walked the place twice just muttering to myself. 5 fucking aisles of housewares, but only 2 racks of men's coats at burlington COAT factory. I vowed then and there to just buy everything online.

Mon, 01/05/2015 - 23:24 | 5626651 thistooshallpass
thistooshallpass's picture

Wonder who's paying the taxes now?

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