Ritzy Retail

Why shopping-mall developers are catering to the well-off

One of the supposed victims of the rise of e-commerce is the traditional shopping mall. Over the past five years, there have been numerous reports of the decline of malls as penny-pinching consumers embraced the convenience and low prices found online. According to the real estate research firm Reis, shopping-mall vacancy rates are much higher than they were before the financial crisis and recession, at 8.9% vs. the 5% to 6% that was normal up to 2007. That's forcing developers to find new kinds of tenants, such as churches and casinos. There's even a website, DeadMalls.com dedicated to vacant...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!