Bloomberg: Shopping Mall Executives Say the Future Isn't So Gloomy
According to Bloomberg:
Retailers and shopping-center owners are gathering in Las Vegas this week prepared to send a message: The demise of the American mall has been greatly exaggerated. Or, in the language of the moment, it’s fake news -- mostly.
It’s a hard story to sell. Store closures are accelerating, stocks are sinking and investors are speculating which struggling chains might be next to file for bankruptcy, while consumers buy more and more of what they need online.
But industry executives who will be attending the International Council of Shopping Centers’ annual convention, the industry’s biggest, insist that perception is overly pessimistic and that the bricks-and-mortar business is healthy enough to weather the storm.
“The clouds over bricks-and-mortar retail have been darkening throughout ’17,” Jim Sullivan, president of the advisory group at property researcher Green Street Advisors LLC, said in an email. “A key question for stock market investors is whether those fears are overly discounted in today’s share prices, particularly for retailers that are weathering the storm, as well as for the REITs that own high-quality malls and shopping centers.”
To read the full article from Bloomberg, click here.