What's Inside

The first report in our series America’s Changing Shopping Centers explores the changing US mall landscape through a host of data points. The coronavirus outbreak will hit physical retail in the short to medium term; this report focuses on longer-term trends driving shifts in the US mall landscape. Among the themes we look at are:

• How the rationalization of mall space has lagged store closures—which, in turn, lagged channel shifts.
• The impact of changing consumer behavior, including spending patterns and channel shifts in key nonfood categories such as apparel.
• When store closures peaked for the important mall sectors of department stores and apparel specialty retailers—and the impact these closures had on mall occupancy rates.
• Occupancy rates for US malls overall and for leading REITs such as Brookfield, Macerich, Simon, Taubman and Unibail-Rodamco-Westfield.
• How major REITs compare on sales per square foot—including Brookfield, CBL, Macerich, PREIT, Simon, Tanger Factory Outlet Centers, Taubman and Washington Prime Group.