Retailers willing to battle ecommerce will find “ample availability” – shuttered stores dotting the sidewalks – and much lower but still very high rents.
How messed up the economy has become, fueled by government moolah and Fed manna, when nothing and no one was ready for it.
Americans are having to pay more to get less.
The brick-and-mortar meltdown for mall landlord started years before the Pandemic. For WPG, it started in 2016.
Government gives consumers Free Money, retail sales spike. Free Money peters out, retail sales sag. Welcome to the new normal.
The government better not ever stop dousing consumers with free money.
Subsidizing CMBS impedes the necessary market adjustment away from commercial property and toward residential redevelopment.
Some Green Shoots, but Finding them Is Tricky.
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.