Compass Point said the top 30 malls in the U.S., based on tenants' annual sales and the underlying real estate were valued at more than $57 billion total before the pandemic."The pandemic will have a significant impact on tenant sales and tax collection as the government mandated shutdown could reduce sales this year by up to 33%, based on our estimates," Compass Point analyst Floris van Dijkum said.
Now, nobody knows what those numbers are going to look like coming out of the Covid-19 crisis — other than definitely being a lot less. Malls started temporarily shutting down in March to try to help curb the spread of the virus. In some states, such as New York, malls have still not been able to completely reopen. Gov. Andrew Cuomo, for example, has said that New York malls will needthat can filter out the coronavirus before they will be allowed to open their doors again.
Many shoppers, meantime, are hesitant to return to malls after staying at home and practicing social distancing. And some smaller shops and entertainment venues like movie theaters are not jumping to reopen right away, even if the mall is back open for business and department store lights are on.Chief Executive Jeff Gennette said during a conference call earlier this week: "In the malls that are open, many of the other stores and services remain closed. This does impact our store traffic.
Some companies are beginning to close their doors in malls for a second time, as Covid-19 cases rise in parts of the country.
do people still go to malls - i thought it was only baggy panted thugs and obese food court goers
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