But specifically about malls; I was a manager at a big department store inside a mall for a couples years. The year before COVID, the mall switched to a new renting model that was ridiculous. I can’t remember the exact details, but the price per square foot went up substantially for smaller stores. Later that year I remember having to do rounds of the mall to report to corporate how many stores were closing.
Probably got bought by a private equity firm trying to squeeze the last bits of profit out of it before offloading it to some sucker. I’m sure that one year they jacked up rent looked really good on paper until those shops had taken the time to figure out their next move.
So they could essentially make the mall business model work by not charging ridiculous rents? Maybe it’s just greed that killed malls to begin with.
Haha, that’s kinda what I was thinking, they turned the mall into a… Mall
I mean, greed is what is killing our society.
But specifically about malls; I was a manager at a big department store inside a mall for a couples years. The year before COVID, the mall switched to a new renting model that was ridiculous. I can’t remember the exact details, but the price per square foot went up substantially for smaller stores. Later that year I remember having to do rounds of the mall to report to corporate how many stores were closing.
Probably got bought by a private equity firm trying to squeeze the last bits of profit out of it before offloading it to some sucker. I’m sure that one year they jacked up rent looked really good on paper until those shops had taken the time to figure out their next move.