The demise of America’s malls can deal a blow to the towns that depend on them

Lauren Thomas@LAURENTHOMASKEY POINTS

• Malls and shopping centers across the country provide $400 billion in local tax revenue annually, according to the International Council of Shopping Centers. 
• “I worry a lot as this crisis plays out,” ICSC CEO Tom McGee said. “Our industry funds everything form the fire and police to [local] infrastructure.” 

Shoppers explore a mostly empty mall on May 12, 2020 in Columbus, Ohio.Matthew Hatcherr/Getty Images

The coronavirus pandemic is speeding up the demise of America’s struggling shopping malls, which could deal a devastating blow to some towns that depend on them. 

When a mall goes dark, a community loses more than just a place to shop and grab a slice of pizza at the food court’s Sbarro. In many neighborhoods, the mall is an economic engine, hiring hundreds, if not thousands, of workers and providing a significant amount of dollars to the local tax base. 

Malls and shopping centers across the country provide $400 billion in local tax revenue annually, according to the International Council of Shopping Centers, the retail real estate industry’s trade group. And there are about 1,000 malls — both privately and publicly held — still operating in the U.S. today, according to commercial real estate services firm Green Street Advisors. ……..more here

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