Interesting perspective (and data) on the effect of online retailing and the general environment on malls:
I agree with the above perspectives, although I believe they likely understate the eventual impact on malls. A report from Co-Star observes that there are more than 200 malls with over 250,000 square feet that have vacancy rates of 35% or higher, a “clear marker for shopping center distress.” These malls are becoming ghost towns. They are not viable now and will only get less so as online continues to steal retail sales from brick-and-mortar stores. Continued bankruptcies among historic mall anchors will increase the pressure on these marginal malls, as will store closures from retailers working to optimize their business. Hundreds of malls will soon need to be repurposed or demolished. Strong malls will stay strong for a while, as retailers are willing to pay for traffic and customers from failed malls seek offline alternatives, but even they stand in the path of the shift of retail spending from offline to online.
Living in New York it’s easy to forget the importance of malls in retail. Haven’t ever completely understood why that is exactly, but the malls in New York (the only two I can think of off the top of my head are South Street Seaport and Herald Square) feel like afterthoughts and are filled with stores that feel out of place in an otherwise retail-hungry city.
This is pretty crazy:
Homeowners Luo Baogen and his wife refused to allow the government to demolish their home in Wenling, Zhejiang province, China, claiming the relocation compensation offered would not be enough to cover the cost of rebuilding. So, adjacent neighboring homes were dismantled, and, bizarrely, the road was built around the intact home, leaving it as an island in a river of new asphalt.
Crazy. Be sure to check out the pictures.
Related (sort of): If you’re interested in China, driving and highways you should check out the book Country Driving. It’s by a New Yorker writer who has lived in China for some time and chronicles the ever-expanding driving culture. Here’s a little snippet:
Many traffic patterns come directly from pedestrian life—people drive the way they walk. They like to move in packs, and they tailgate whenever possible. They rarely use turn signals. Instead they rely on automobile body language: if a car edges to the left, you can guess that he’s about to make a turn. And they are brilliant at improvising. They convert sidewalks into passing lanes, and they’ll approach a roundabout in reverse direction if it seems faster. If they miss an exit on a highway, they simply pull onto the shoulder, shift into reverse, and get it right the second time. They curb-sneak in traffic jams, the same way Chinese people do in ticket lines. Tollbooths can be hazardous, because a history of long queues has conditioned people into quickly evaluating options and making snap decisions. When approaching a toll, drivers like to switch lanes at the last possible instant; it’s common to see an accident right in front of a booth. Drivers rarely check their rearview mirrors. Windshield wipers are considered a distraction, and so are headlights.