U.S. malls have lost a third of their value since their 2017 peak as the pandemic has accelerated the shift to e-commerce, according to real estate analytics firm Green Street. The best malls, especially those with luxury brands as tenants, are doing fine.
Sales have recovered and they have been able to renew debts: The International Plaza in Florida, which is part-owned by Simon Property Group , refinanced a $477 million loan in October at a low 2% floating rate, based on data from Trepp. But poorer-quality malls are struggling to attract the tenants and capital they need.
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