The Dead Mall Problem-CA City News
Of course, Rancho has this covered. We simply don’t talk about all the busineses that have closed or relocated since cityhood, nor do we talk about all the world class, award winning projects that have yet to break ground, and probably never will.
Experts say Atlanta, Las Vegas, and retail hubs in California and Florida are at real economic risk if thousands of more stores shutter in 2009.
A CNN.Money report…
NEW YORK (CNNMoney.com) — As the recession leaves more retail casualties in its wake, rising store bankruptcies and mall closures could have devastating economic consequences.
As more stores exit malls, vacancies in regional malls could rise past 7% by year-end, a level not hit since the first quarter of 2001, according to real estate research firm Reis.
Major cities across America will be affected, said David Birnbrey, Chairman and co-CEO of Atlanta-based The Shopping Center Group, a retail real estate services firm. More on CNN.Money
