Real Estate

Top-tier mall values have dropped 45% from 2016 levels: Green Street

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A visitor looks down an empty hallway at The Fashion Mall at Keystone, Wednesday, March 18, 2020, in Indianapolis. Simon Property Group, the largest owner of shopping malls in the nation, is closing all of its malls and retail properties because of the coronavirus outbreak.

Darron Cummings | AP

When Macy’s Chief Executive Jeff Gennette explained at an investor meeting in early 2020 that he saw a “bifurcation of malls” shaping up, with the state of lower-tier shopping centers continuing to “decline rapidly,” he didn’t have anything bad to say about so-called A-rated malls.

Instead, Gennette said the department store retailer would continue to invest in its locations in A-rated malls, as it…



Source cnbc.com

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