Retail continues to be in the mix, but entertainment, residential hospitality, and office space also take advantage of large and easily accessible properties
For Immediate Release: Nyack, NY (May 19, 2021) — The Directory of Major Malls, the leading online provider of data on major shopping centers and malls in the United States and Canada (ShoppingCenters.com), finds that more than 20% of conventional enclosed malls have plans to convert to hybrid configurations combining usage to include Retail, Office, Residential and other alternative uses in the next few years. That’s on top of the inventory of properties that had already gone through these transformations in previous years. In addition to these figures, the data reveals over 5,000 anchor space vacancies associated with more than 1,500 of the major shopping centers and malls tracked in the legacy Directory of Major Malls’ system.
The data, provided as exclusive content for DMM/ ShoppingCenters.com licensees and ShoppingCenters.com users, confirms the non-existence of the so-called “Retail Apocalypse” or “Retail-pocalypse” often cited in the media.
The “Retail Apocalypse” is Not a Thing
“Industries adapt as they are faced with changes to their environment. Retail is an ever-changing and transforming industry and always has been. Consumers’ shopping habits, income, technology, interests, where they live and how they work, in addition to the economy, fuel change in the industry. It’s one thing to be nostalgic, it’s another to be flexible and realistic,” said Tama Shor, DMM/ShoppingCenters.com, Founder and CEO.
“When properties no longer fit the circumstances of the market, they need to evolve or face obsoletion. Conventional shopping centers and malls remain essential to how people shop, work and live and they are facing and living up to that challenge.”
Not only is the DMM data actively sourced to aid in determining where retail is headed, but the extensive collection of historical data from DMM is often mined to review past trends in development and tenant mix but also as a guide for determining next steps going forward.
The DMM Data is continuously updated and determined using a variety of overlapping research methods which include direct data collection via reliable landlord based sources combined with human-vetting by DMM’s internal research group and proprietary technologies. The data is enhanced further with the appending of spatial boundaries (polygons) and Retail Boundaries, for interaction in GIS business intelligence to help define specific retail environments, integrate with demographics and analyze mobile movement data.
Access to the DMM Data is through direct licensing methods and the ShoppingCenters.com platform. Additionally, DMM works with an extensive list of geospatial and business intelligence providers such as ESRI, Tetrad, Trade Area Systems, SiteSeer, Gadberry, BI Spatial and others. Using their proprietary tools, the DMM data is integrated to aid in activities such as site selection, location analysis, market area studies, cross-shopping, and mobile movement analytics for retailers, shopping center developers, REITS, municipalities, financial investors, academic institutions and the media.
About Directory of Major Malls, Inc.
What started in print in the late 1970s as the Directory of Major Malls has now evolved decades later into THE industry source for comprehensive and accurate major shopping center and mall retail data. The Directory of Major Malls’ inventory of centers focused on the over 8,500 major US and Canadian shopping centers and malls, the 318,658 associated tenants within those properties and nearly 42,565 primary retail real estate contacts. For more information, visit us online at ShoppingCenters.com. You can also join us on social media: Facebook, Twitter, and LinkedIn.
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