Green Street Advisors now expects "about a little more than half of all mall-based department stores to close by the end of 2021," according to Vince Tibone, a retail specialist at the property research group.
Losing those anchors would have a "knockdown" effect as in-line mall tenants would be allowed to lower rents, he said during an April 29 webinar. In two years, traditional malls overall are likely to see a 20% decline in cash flow compared to 2019, which will "accelerate the demise of many malls," he said.. . . more