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What's the future of malls as more retailers file for bankruptcy?

Posted: 1:39 PM, Dec 04, 2018
Updated: 2018-12-04 19:39:26Z

Retail stores everywhere are feeling the pressure. If they don't get people into their doors, they could be the next Sears, J.C. Penny or Toys “R” Us.  Retail experts say 3,000 stores have closed just this year.  

It's a vicious cycle, with more people shopping online, more stores close. And malls take a hit with stores closing.

"If it's a three-anchor store and two anchors close, then you're probably done," explains real estate expert Greg Maloney.

Maloney says don’t be fooled though. He says malls aren't dying, instead, they are reinventing themselves.  

"We need to make the shopping experience a lot more exciting," he says.

Just like it was in the 80s, the movie theater at malls made a comeback to get people in the doors.

There's a mall in Nashville, Tennessee that opened a Madame Tussaud wax museum to attract shoppers. In providence, Rhode Island turned the second level into apartments to really keep people from leaving.

With mall reinventing themselves, Maloney says you’ll really notice change at the department stores. 

"I don't think they will completely go away, but I think they will be downsized,” Maloney says. “They will be smaller and fewer of them.”

As for vacant spots in malls: get ready to see more online stores like Bonobos, UNTUCKit and Amazon open up brick and mortar stores, allowing shoppers to have the best of both worlds.