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Jake Bracken<\/p>\n
Vice President of Advisory Services at Green Street<\/p>\n<\/div>\n<\/div>\n\n<\/div>\n
\u201cIt was interesting to hear David start to talk about his B malls, and acknowledge that he owns some and that he’s willing to invest in them,\u201d Conlon said. \u201cThat means he understands that their decline has flattened, and now there’s some growth and they’re investable. \u2018I should put money into them. I should pay more attention to them. These are going to be around forever.\u2019\u201d<\/p>\n
This second look is part of retail\u2019s post-pandemic rally, though malls\u2019 prospects vary, according to Green Street\u2019s Bracken.<\/p>\n
\u201cEach mall is very different and very intertwined with the community, and a specific mall in a specific market may or may not work in another market,\u201d he said. \u201cAt the core of the evergreen analysis is \u2014 there are these malls which may have been struggling for the past years, and there were questions about their long-term outlook. But with the strong recovery in retail post-Covid, we are seeing some of these malls regain some life.\u201d<\/p>\n\nThe prospects<\/h3>\n
Forever, though? Maybe not. Malls that may seem evergreen are quite vulnerable, analysts say.<\/p>\n
\u201cThe real test of an evergreen mall is what happens when legacy anchors like J.C. Penney \u2014 and eventually Macy\u2019s \u2014 depart,\u201d Feller said. \u201cThere aren\u2019t obvious department stores waiting to take those boxes. So the question becomes: Can they attract a new type of anchor? Maybe a Dick\u2019s House of Sport, maybe a grocer, or some other experiential concept? If they can, they can hold onto that evergreen status. If not, it\u2019s very difficult to sustain.\u201d<\/p>\n
Nick Egelanian, president of retail development firm SiteWorks, is even less sanguine.<\/p>\n
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\u201cDo I believe in the idea of evergreen malls? No. Not without approaching each property to determine what its highest and best uses are, and then investing the money.”<\/p>\n
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Nick Egelanian<\/p>\n
President of SiteWorks<\/p>\n<\/div>\n<\/div>\n\n<\/div>\n
\u201cDo I believe in the idea of evergreen malls? No. Not without approaching each property to determine what its highest and best uses are, and then investing the money to bring it to that,\u201d he said by phone. \u201cThe model, the mall model itself, really does not work any longer. Now, that doesn’t mean that some of the properties aren’t hanging on.\u201d<\/p>\n
Even those, though, could easily be devastated if a new development were to come to town, he said.<\/p>\n
\u201cWhen someone comes along and does something better, Apple and Sephora and the others will move because they don’t want to be in with a lot of stupid stores,\u201d he said. \u201cSo either someone buys it and makes it the dominant mall \u2014 that nobody can take out \u2014 or someone else takes it out eventually. Malls don’t stay mediocre and survive forever, except in mediocre markets.\u201d<\/p>\n<\/p><\/div>\n
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