Retail Shopping Centers Transform Into Industrial Parks

Retail Shopping Centers Transform Into Industrial Parks

The United States is overstored and has been for quite a while. However, there are now many older shopping centers that are in demand at unprecedented levels – to address new needs. The need to fulfill e-commerce activity is higher in 2021 than ever before. In contrast, mall foot traffic, according to a study by Newmark Group, has declined dramatically over the past 20 years, forcing retailers to reconsider retail locations. Department stores typically had a major impact on attracting customers to a mall, and their absence has had an effect on patronage of other stores. They used to be the anchor to a regional mall, and their dwindling numbers creates challenges. During the pandemic there was a further softening of fundamentals throughout the country, prompting mall owners to move aggressively to find alternative uses for their assets. As a result, mall spaces are being reinvented. For instance, the Northgate Mall in Seattle will convert into a mixed-use development that will include the training facility and headquarters of the National Hockey League's newest team, the Seattle Kraken. The Charlotte, North Carolina Eastland Mall is slated to become the stadium site for the new major league soccer team. In Alexandria,