CNBC reports on what some shopping malls are doing with themselves after realizing that their future may not be in retail.
Here how the story is framed:
“An old Toys R Us store in Milwaukee is now home to Engine & Transmission Exchange, a re-manufacturer 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.”
While “these types of projects — converting a shuttered retail space into industrial complexes — have historically been hard to do,” the story says, real estate services company CBRE “found 24 such examples of properties across the country that were once home to retailers but now have turned — or are in the process of being turned — into a warehouse or some sort of supply chain center. Since 2016, at these 24 locations, 7.9 million square feet of retail space has been converted into 10.9 million square feet of industrial space. The second figure is larger because, in many instances, a developer will tear down the existing structure and build a bigger building on that dirt…”
Here how the story is framed:
“An old Toys R Us store in Milwaukee is now home to Engine & Transmission Exchange, a re-manufacturer 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.”
While “these types of projects — converting a shuttered retail space into industrial complexes — have historically been hard to do,” the story says, real estate services company CBRE “found 24 such examples of properties across the country that were once home to retailers but now have turned — or are in the process of being turned — into a warehouse or some sort of supply chain center. Since 2016, at these 24 locations, 7.9 million square feet of retail space has been converted into 10.9 million square feet of industrial space. The second figure is larger because, in many instances, a developer will tear down the existing structure and build a bigger building on that dirt…”
- KC's View:
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Keep in mind that there are experts out there saying that as many as 300 malls in the US may have to be shut down and repurposed. That’s an enormous number, and the implications could end up being staggering.
