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CNBC Marathon explores how malls across the United States are evolving with the times.
While many U.S. malls face anchor store closures and empty parking lots, some are finding new life by becoming housing. Real estate developers are building housing inside of or next to shopping malls as department stores like Macy’s, JCPenney and Sears shrink or cease to exist. At least 192 U.S. malls planned to add housing to their footprint as of January 2022. CNBC visited a Macerich housing project at Flatiron Crossing Mall in Broomfield, Colorado as well as the Arcade Mall in Providence, Rhode Island to find out what it is like to live inside a mall.
U.S. adults make about 1.3 billion visits to shopping centers each month or about 62 trips per person annually, according to the International Council of Shopping Centers. While some outlets, like malls, have struggled to retain shoppers, foot traffic to strip malls is booming. The U.S. has more than 68,000 strip malls from coast to coast, according to the International Council of Shopping Centers. So how did the U.S. become covered in strip centers, and could the format be the future of brick-and-mortar retail?
Despite a number of closures, U.S. malls are making a comeback, due in part to a surge in younger shoppers. Members of Generation Z, born between 1997-2012, are spending money in physical stores at a similar rate to their grandparents. Some of the top shopping destinations for Gen Zers include department stores like Macy’s, and J
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2025/05/01
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