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The mall stores need a bailout now!

By Jenn Neumann Deer

Real Estate Agent with RE/MAX Southern Shores

March 11, 2009 11:56 PM

America's malls are going to end up looking a lot different. The retail sector is obviously getting hammered, with chains like Circuit City and Linens 'n Things already out of business. Many other retail chains are in trouble. Also on the bottom-rung list: Barney's; BCBG Maz Azria; Blockbuster; Brookstone; Claire's Stores; Eddie Bauer; Finlay Fine Jewelry; Harry & David; Loehmann's; Michael's Stores; Oriental Trading Co.; and Sbarro. Again, this doesn't mean the company is doomed. But many of these firms will restructure, close outlets, shrink, and find ways to transform themselves. So if you ever go back to the mall, and your favorite shop has disappeared, you'll know why.

That is an excerpt from an article on Yahoo! Headlines this morning. I love shopping and I love going to the mall, but when malls start losing stores I admit I don't go there as much anymore. Myrtle Beach has plenty of options on shopping so it's not difficult to find a more bustling shopping center. When malls lose stores, it is not as much fun to shop because it just makes you think of how many people were laid off, how the economy isn't exactly booming right now, and what will go out of business next. Plus, with less stores, there are less shoppers and less people to hear you scream if you encounter a problem in the parking garage/lot.

Just a quick thought for the morning. I went all day yesterday without hearing the word bailout for the first time in months, so I had to make its presence known in my title, although I think it's an annoying word. =)

Have a great day! Go buy something and stimulate the economy!

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Mike Saunders

Retired - Athens, GA

Jenn - I would miss Eddie Bauer and Harry & David, hopefully they will keep their mail order business.

Mar 12, 2009 12:51 AM

Jim Crawford

Long & Foster - Fredericksburg, VA

Jim Crawford Broker Associate Fredericksburg VA

I noticed this a week ago when I walked through one local mall and saw how many of them were closed. The lack of buyers was most noticeable.

Mar 12, 2009 01:26 AM

Karl Peidl

Moorestown, NJ

Accredited Loan Consultant

There is a mall near me that has been losing stores for years. It is sad for me to see as I worked at this mall back in high school. In an attempt to revitalize it they have renamed to take away the word "mall", moved all of the stores to one end, and are in the process of turning the other end into condos. Only time will tell if this plan works, but I certainly hope it does.

Mar 12, 2009 03:17 AM

Jenn Neumann Deer

RE/MAX Southern Shores - Surfside Beach, SC

Surfside Beach Real Estate

Mike - I would miss all the stores! I love shopping and going to the mall just to browse even if I don't need anything. So hopefully for everyone, more stores don't go under.

Jim - Yes, I noticed the same thing recently even in a mall which is almost completely full. The shoppers just aren't there. No lines which is good, but also no people spending money.

Karl - Interesting idea. I think it would be dangerous if I lived within walking distance to the mall. I worked at a mall in high school which started to go under, they took a big loan out to revitalize it and then ran out of money halfway through the process...so it's not in good shape right now and stores keep pulling out. I hope your mall's strategy works!

Mar 12, 2009 03:28 AM

Liz Loadholt

Liz Loadholt- AgentOwned Realty- Covering SC - Mount Pleasant, SC

Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Jenn --- I have noticed the same thing. I love to go shopping --- I agree with you, I usually want to go where you can hit more than one store at a time.

Mama Liz's Signature

Mar 12, 2009 09:12 AM

Barbara - I am highly addicted to e-bay...I find the craziest deals on there and E-bay has everything you can think up for sale. But I also do like to go to the malls and outlets. That is more immediate gratification because I walk out of the store with bags in hand instead of having to wait for the package to come in the mail.

Liz - Yea, any shopping is good but a mall is the best where there are all kinds of stores in one spot!

Mar 12, 2009 09:29 AM

Jeff R. Geoghan

Coldwell Banker Realty - Lancaster, PA

REALTOR, Marketing Manager

I predict you're going to see a return to in-town storefront shops as a result of all this. The overhead is lower, the foot traffic will be up, and towns will be offering incentives.

Mar 12, 2009 02:49 PM

Jeff - In our area on the former Air Force Base, we have a new live-work community called Market Common. I love it! We have a grocery store, a movie theater, ice cream shop, clothing stores, restaurants and a lot of other stores. Even our local Barnes & Nobles moved from a very high-traffic location over to this one which is tucked off the main drag. Above the stores are apartments and condos and within walking distance are townhouses. I keep meaning to do a post about it...maybe I need to get on that. This area is awesome but it's more upscale than my budget allows right now. We frequent the movie theater, ice cream shop and one of the pizza places weekly though.

Mar 12, 2009 11:53 PM

Jenn - The people that buy these condos would not only be in walking distance, they would never even have to go outside. Definitely dangerous. Every time I got hungry I'd be walking over to the food court.

Mar 13, 2009 04:16 AM

That sounds like a cool adaptation by business! I love to see "big" stores tucked into reused main street locations.

Mar 13, 2009 08:56 AM

Karl - Yes, I could not live in one of those. I would be 20 pounds heavier and have zero money!

Jeff - I love the Market Common area. It is fun to walk around and window shop and it has everything anyone needs from Piggly Wiggly to Pottery Barn and everything in between.

Mar 17, 2009 05:19 AM

Sally K. & David L. Hanson

EXP Realty 414-525-0563 - Brookfield, WI

WI Real Estate Agents - Luxury - Divorce

buying on line sure helps the "enery crisis" real or imagined....but doesn't do much for the retailers presence in the malls...

Mar 17, 2009 06:59 AM

Mary Douglas

United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO

REALTOR, Red Feather Lakes, Colorado

Hi Jenn, I seldom go to the mall ---but it's always sad when I do go, and another store is gone. When I do shop. I'd rather touch stuff, and try it on. I really don't like catalog shopping and mailing things back!! :-)

Mar 18, 2009 03:48 PM

Michael Cole

CPG Tours - Corona, CA

Hi Jenn,

Great post. We hear so much about upside down mortgages and property values that sometimes we tend to forget that this is very widespread. It's not just the real estate industry. In SoCal, we too have had some very major stores and brand names going out of business or closing down retail locations.

Thanks for the post!

Mar 23, 2009 03:13 AM

The mall stores need a bailout now!

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