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The increase of online buying has led many major retail stores to close several locations or declare bankruptcy. These store closures have hit malls hard, and according to Member Victor Sahn, it is only going to get worse. In the San Gabriel Valley Tribune and Daily Breeze articles “Attorney says store closures could fuel retail ‘Armageddon,’” Sahn discussed strategies malls should implement in hopes of staying alive.
If online buying, store closures and retail bankruptcies continue, it is projected that 275 malls will close during the next five years. In order for malls to thrive, they need to provide a different kind of experience.
“It may be a higher-end experience with more restaurants and will bring foot traffic, and it could be theaters or workout facilities where soccer moms or others who work during the days can come by,” said Sahn. “You have to give people other reasons to come to the mall. It could even be recreation for children.”