Even the strongest shopping malls are seeing significant slides in valuation as consumer tastes change and the impact of the coronavirus pandemic continues.
Class-A mall valuations have dropped about 45% since 2016, according to CNBC, citing a new report by Green Street.
For a few years after the Great Recession, Class-A retail valuations did well, but that changed around the mid-2010s as most malls suffered declining occupancies.
Mall owners are suffering as well. Simon Property Group, for instance, the nation’s largest retail space landlord — many of whose properties are regional Class-A malls — has seen its stock drop from $139.99 per share a year ago to $96.64 a share as of Wednesday….