News on the mall front is going from bad to worse. Coresight Research is out with a projection that 25%, or 300, of the nation’s nearly 1,200 malls will close by 2025. But Coresight CEO Deborah Weinswig warned the number could go as high as 50% “if we can’t stop the bleeding,” she said to USA Today.
With virtually all of the nation’s malls closed from mid-March through May/June, mall-based retailers classified as non-essential have taken a huge hit. Retail Metrics reports that mall-based retailers experienced a 256% earnings decline through the first half of 2020. By comparison, the essential off-mall retailers only suffered a 0.6% earnings slide.