There is no return to the “old normal.” Employment adjusts too. But it will take years to sort out the issues these sudden massive shifts leave behind.
Mall landlords, even the biggest, are turning malls over to their lenders.
In whiplash charts. For example, department store sales soared 23% “seasonally adjusted” but collapsed 42% “not seasonally adjusted.” What gives?
People and businesses have changed how they do things. And it shows up in the GPS data.
“A management team that remains prisoner of its failed strategy that started with the acquisition of Westfield.”
Amid enormous shifts and distortions and trillions of dollars handed out by the government and the Fed.
Becoming a prolific jingle-mailer to dump malls. Holders of CMBS eat the losses.
Third month in a row of declining retail sales, “seasonally adjusted.” But the curveball from ecommerce caused me to dig and doubt. 15 whiplash charts of retail sales.
Store rents had already plunged, amid a surge in vacancies. Then in the spring, the market froze; when it thawed, rents dropped to 10-year lows.
Americans are watching more movies than ever, but they’re watching at home. The studios are on board in a big way.