Mall owners like Simon, in turn, are scrambling to find new uses for retail space when few retailers are still growing. The Covid-19 pandemic has only exacerbated challenges, by hurting movie theaters, entertainment venues, gyms, co-working facilities and restaurants. All of these types of businesses had been considered as alternative uses for retail spaces by Simon and other mall operators.
Another potential obstacle would be how the property is zoned by local governments. Warehousing is considered an industrial use not commercial one. This means the former department stores may need to be rezoned, and the surrounding community and other retailers and restaurants at the mall might not welcome the change. One factor would be the number of trucks and traffic in and out of the parking lot, analysts said.
But right now, "any community wants tax revenues ... malls are huge tax drivers to the community," Goldfarb said. . This legal provision essentially gives tenants within the mall power to renegotiate their leases, potentially paying less in rent, when a major department store chain goes dark and traffic drops off.
Those empty JCP stores aren't gonna become other dept. Stores.
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