Second tier malls are dead. First tier malls are doing just fine. In fact, one of the biggest malls in the country, the King of Prussia Mall, is undergoing a massive expansion. Others in exclusive suburbs of Washington, Atlanta and Dallas, to name a few cities, are too. Its the ones that don’t attract high end stores and that did not improve their appearance that are dying.
I agree; here in central Europe, malls are doing quite nicely. There’s three in my town, including a brand-new one with some high-end stores. All three are invariably crowded with shoppers.
A high-end mall in Prague (Palladium) recently sold for a little over one billion USD. Palladium is indeed high-end, very high-end.
It’s only competition in Prague is Parižská street, where it’s entirely possible to drop a quarter million bucks in about five minutes. :O
Could you elaborate on that with NE Philly examples? :) King of Prussia I know pretty well. What's a second tier mall? Roosevelt? Oxford Valley?
Been out of the area for a while, though I did see the Bucks County Mall turn into an outdoor shopping center.
The malls that are easily accessible by public transit are the ones that are dying.