Tag

Shopping Malls

All articles tagged with #shopping malls

real-estate1 year ago•5 min saved

"South Florida's Shopping Malls Transforming into Residential Units: A New Real Estate Trend"

Miami's housing inventory remains low, prompting the conversion of desolate shopping malls like Sunset Place and Southland Mall into mixed-use developments with residential units, retail, and food and beverage offerings. The trend is driven by the high demand for housing and the need to repurpose obsolete retail spaces, with over 50% of mall redevelopment projects in the US including housing. However, the conversion process is complex and may require complete rebuilding. While this trend aims to create more living space and meet community needs, it may result in high-priced luxury rental units, with a focus on rental communities rather than affordable housing.

via NBC 6 South Florida|

#housing #miami #real-estate

public-safety1 year ago•3 min saved

"California Malls on High Alert for Potential Youth 'Takeovers'"

Law enforcement and security have been increased at South Bay shopping centers in response to rumors of planned "takeovers" at the Del Amo Fashion Center in Torrance and the South Bay Pavilion mall in Carson. Recent incidents at other locations have prompted authorities to take proactive measures, including implementing a Youth Supervision Policy at the Del Amo Fashion Center. Community members are urged to report any information about planned takeovers to the respective law enforcement agencies.

via KABC-TV|

#law-enforcement #public-safety #security-measures

business2 years ago•4 min saved

Mall Owner PREIT Declares Second Bankruptcy Amidst Pandemic

Pennsylvania Real Estate Investment Trust (PREIT), a shopping mall company, has filed for bankruptcy for the second time in two years due to massive debt and the inability to off-load underperforming properties. The bankruptcy plan aims to reduce indebtedness by $880 million, with only "first lien lenders" being paid back in full. PREIT's struggles are attributed to inflation, rising borrowing costs, and the impact of the pandemic on the retail industry. The company plans to complete the bankruptcy process quickly, assuring that tenants, vendors, and employees will not be affected. The restructuring will be accompanied by $135 million from investors, and PREIT's new plan involves second lien lenders exchanging their debt for an equity interest in the company. The bankruptcy filing comes as distress in commercial real estate markets continues, and PREIT's situation may be indicative of similar challenges faced by other mall companies.

via The Philadelphia Inquirer|

#bankruptcy #business #commercial-real-estate

gaming2 years ago•1 min saved

"GTA 6: Exploring Satirical Miami with Minecraft Remake"

The recently released trailer for GTA 6 has sparked speculation among fans that the game will feature explorable shopping malls. Signs for shopping malls were spotted in the trailer, leading players to believe that these locations will be included in the open world of the game. With the return of Vice City as an explorable location and Rockstar's commitment to pushing the limits of open world gameplay, fans are excited to see what the shopping malls will offer. The release date for GTA 6 is confirmed to be sometime in 2025 for Xbox Series X/S and PS5.

via GAMINGbible|

#gaming #gta-6 #open-world

business2 years ago•4 min saved

"Resurgence of American Shopping Malls: Promising Signs Revealed in Report"

Shopping malls in the United States are experiencing a resurgence post-COVID, with more stores opening than closing for the first time since 2016, and mall sales growing over 11% in 2022 to nearly $819 billion, according to a report from Coresight Research. Mall occupancy has increased to 95.1%, and traffic at top-tier malls is up 12% compared to pre-pandemic levels. Malls are adapting to changing consumer needs by incorporating mixed-use spaces and creating a sense of community. The report suggests that the "death of the mall" narrative is exaggerated, and there is significant opportunity for malls to thrive in the future.

via USA TODAY|

#adaptation #business #consumer-behavior

business2 years ago•0 min saved

Foot Locker to shutter over 400 mall stores in brand reset.

Foot Locker plans to close over 400 stores in shopping malls over the next three years as part of a "reset" plan, despite reporting a fourth-quarter profit of $19 million. The sneaker chain forecasted a drop in total sales of 3.5% to 5.5% this year.

via syracuse.com|

#business #foot-locker #profits

business2 years ago•0 min saved

Foot Locker to shutter 400 stores by 2026, prioritizing better earning locations.

Foot Locker plans to close about 400 stores by 2026, as the company aims to decrease its presence in underperforming shopping malls and become more relevant to younger shoppers, particularly "sneakerheads". The company will be implementing a new store and marketing concept called "lace up" to cater to different types of sneaker shoppers.

via KABC-TV|

#business #foot-locker #retail