Amazon is buying up dead shopping malls…

Malls that buckled due to e-commerce or suffered during the pandemic are being given new life by the very entity that precipitated their decline — Amazon…Over the last several months, the retail giant has gone on a shopping spree of its own, buying up disused malls across the country and turning them into distribution centers.

Between 2016 and 2019, Amazon converted around 25 shopping malls … “The reality is that the cash flow at these lower-quality malls is declining rapidly,” said Vince Tibone, lead retail and industrial analyst at the real estate analytics firm Green Street. “You have to decide, ‘Do I want to do something myself to invest a lot of money to transform this dead retail into thriving retail or put up offices?’ Selling a dead mall as land is a more attractive option.”

Poisonally, I think the GOUSA is facing a tough economic forecast … for individual cities and towns that don’t figure out what to do with dead malls. Online shopping and the pandemic have pushed lots of diminishing-margin businesses to the wall. My wife and I still shop groceries, week by week, over a range including several stores. A couple of heavies like Walmart or Target, smaller stores like Sprouts or Trader Joe’s. That’s what fits the budget of a couple of retirees.

8 thoughts on “Amazon is buying up dead shopping malls…

  1. Scavenger hunt says:

    Goodbye, Knoxville Center Mall: Crews begin demolition for Amazon The 961,000-square-foot Knoxville Center Mall closed its doors on Jan. 31, 2020, after more than 35 years in operation.
    Mall vacancy rate hits all-time high : Stores sit vacant as retail sector claws back from pandemic

  2. p/s says:

    Mall department stores were struggling. The pandemic has pushed them to the edge of extinction.
    Department stores, once a middle-class mainstay of convenience and indulgence, had been spiraling downward long before the pandemic turbocharged online shopping and helped tip a number of big-name retailers into bankruptcy. Nearly 200 department stores have disappeared in the past year alone, and another 800 — or about half the country’s remaining mall-based locations — are expected to shutter by the end of 2025, according to commercial real estate firm Green Street.
    Those closures, analysts say, will have a cascading effect on American shopping malls, which already are battling record-high vacancy rates and precipitous drops in foot traffic, as well as on the commercial real estate market and the broader economy.

  3. Big Data® says:

    “ Inc has amassed a vast amount of sensitive personal information on its customers. Internal documents reveal how a former aide to Joe Biden helped the tech giant build a lobbying juggernaut that has gutted legislation in two dozen states seeking to give consumers more control over their data.”
    Photo caption: “An Amazon Echo Dot device, with Alexa voice-assistant technology, pictured inside a home. Amazon employees sometimes review the recordings made by such devices to assess and improve the technology.”

  4. Shelter-in-place says:

    Worker killed in Amazon warehouse collapse wasn’t allowed to leave when the tornado approached, girlfriend says
    Larry Virden, who started working for Amazon five months ago, was among the six employees who died in the destruction, which saw a giant wall and the roof above it collapse.
    The 1.1 million-square-foot facility opened in July 2020 and employed about 190 individuals, Amazon said. On site, orders were prepared for last-mile delivery to customers by Amazon’s delivery service partners and Amazon Flex drivers.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.