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Shopping malls go residential
As department stores cease to exist, developers have been forced to get creative to repurpose these spaces.
Kieran Ryan
December 11, 2024
TODAY’S STORY
The new trend taking over American malls, swapping dying department stores like Macy’s, JCPenney, and Sears for apartments.
As of Jan. 2022, at least 192 malls said they plan to add apartments to their footprint.
While winning over retailers remains the top priority, apartments make a lot of sense for several reasons. The strategy is expected to increase foot traffic and generate more revenue from residents who may be more inclined to shop in their backyard. Depending on the state, malls can also receive tax breaks for adding affordable housing.
Adding housing isn’t the only solution. Other malls have opted for medical centers, pickleball courts, NHL training, and Amazon distribution centers.
An amusing but real-life description of where malls are heading, “dinner, a movie and a colonoscopy — not necessarily in that order.”
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Kieran & Justin Ryan
