Repurposing Large U.S. Malls and Retail Spaces

Abstract

Online commerce has moved the purchase of nearly every physical product online, reducing the need for large retail spaces. As a result, the shopping mall, once a gathering place for the whole community, is becoming a thing of the past. Stores like Macy’s and Sears are closing by the hundreds, bringing even less foot traffic to these retail spaces, creating a downward spiral of lower sales and further store closures. Now, large retail is fast becoming today’s business graveyard. The question remains: What can businesses and organizations do about these large, empty spaces? This paper seeks to address several potential solutions for these assets that either meet the changing demands of the business-to-consumer (B2C) business environment, or retarget the space for business-to-business (B2B) customers, all while remaining financially profitable. From changing the nature of what a mall is, to repurposing vacant retail space for education, office space, or storage and distribution facilities, this paper gives entrepreneurs and mall tycoons, with shrinking cash flow, some ideas for their potential future success.