Of nearly two dozen regional malls that dot the local retail landscape, three are deemed to be in distress.
To some, it will come as no surprise that those three troubled properties are the Granite Run Mall, Coventry Mall and Fairgrounds Square Mall, according to a recent report by Morning Star called: The Shifting Dynamics of Malls in the Philadelphia Area.
The analysts looked at 23 malls throughout the region as part of research into how older malls are able to survive in an environment in which online retailing as well as newer lifestyle centers offer increasingly stiff competition. In light that, some tenants, such as Barnes & Noble, Gap and Sears, have closed stores that aren’t performing well, leaving vacancies in these malls. Some properties are easier to lease back up, and others, those in distress, not so much.
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The properties that have generally been successful in attracting new stores are those that have engaged in multimillion dollar renovations that reposition the property and evolve with a changing retail scene. Read more about this story on PBJ.com.