A third of America’s malls are going to shut permanently by 2021, according to one former department store executive, as their demise is accelerated due to the coronavirus pandemic.
“The mall has been losing ground for a long time, now it’s losing ground faster,” said Jan Kniffen, a current retail consultant and former exec at The May Department Stores, which was eventually folded into Macy’s.
“I expect we are going to see at least 20% of the [inside of the] mall go. I expect to see a third of the malls go a lot sooner than we thought,” he said Wednesday on CNBC’s “Squawk Box.”
Initially, he was expecting roughly 33% of America’s malls to go dark by 2030. Now, Kniffen thinks that will…