CNBC: From Dead Mall to Amazon Warehouse: Here's How Shuttered Retail Stores are Getting a New Life
According to CNBC:
An old Toys R Us store in Milwaukee is now home to Engine & Transmission Exchange, a remanufacturer for car parts.
Meanwhile, six dead malls across the U.S. are either in the process of being turned into or have been revamped as massive manufacturing plants and logistics hubs. The empty Euclid Square Mall in Euclid, Ohio, for example, is under construction to become home to a new Amazon e-commerce fulfillment center. And that's after Amazon already moved into a new facility where Randall Park Mall used to sit in North Randall, Ohio.
Meanwhile, some analysts say it's inevitable more than 300 under performing malls will shut across the U.S. That's as more department stores go dark. And brands like Gap, Express, Gymboree and Victoria's Secret are closing locations.
"E-commerce is a threat for certain types of retail real estate, but it is increasing demand for industrial space," Green Street Advisors analyst Eric Frankel said. E-commerce-related activity has boosted the demand for warehouse space across the country by roughly 35 percent over the past two years, he said.
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